CITN charges FG to expand its tax network into the informal sector

CITN charges FG to expand its tax network into the informal sector

The Chartered Institute for Taxation of Nigeria (CITN) has instructed the federal government to expand the country’s tax network by engaging informal sectors as one way to save the country from recession and the fallout from the COVID-19 pandemic.

Speaking at the Institute’s 43rd Investment Ceremony, in which 558 new members joined the group, its president, Dame Gladys Olajumok Simplis, referred to the Institute’s 22nd Annual Financial Conference, which offered specific policy advice and recommendations for various tax stakeholders including the need to prioritize spending for action in critical sectors to accelerate national economic performance and growth.

The institute also agreed that the use of tax incentives to attract foreign direct investment may not produce positive results other than expanding the tax network to include informal sectors, which would be the best way forward, she said. He urged the government to develop tax incentive policies and also develop a systematic framework that would increase the visibility of such incentives.

The CITN chief added that the Nigerian government must work with the private sector to save lives, protect livelihoods and lay the foundation for a robust economic recovery.

However, he argued that prudent management of taxpayer money by government officials is necessary to build trust among citizens, emphasizing the need for a performance-based budget to improve the efficiency and effectiveness of the use of revenues. government.

“The government must prepare for recovery from the impact of the COVID-19 pandemic on these critical areas, including containing a possible recurring pandemic outbreak; improve macroeconomic management to increase investor confidence; save and mobilize income; prioritize government spending to protect critical development spending and stimulate economic activity; and protect poor and vulnerable communities. ” Investment priorities with high job creation and high social impact, such as agriculture, should be given the utmost attention, while institutional capacity building should be intensified to guide implementation of the African Continental Free Trade Agreement (AfCFTA), ”he said. …

Source: – Sunnews

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