Bisola David
The Rector of The Federal Polytechnic Ilaro, Dr Akinde Mukail, has stated that Nigeria must turn inward and use taxation to stabilize the economy, close the infrastructure gap, fund education, and generate jobs.
According to The Punch, Mukail made the announcement on Thursday at the 49th Induction Ceremony of the Chartered Institute of Taxation of Nigeria, which was themed ‘Navigating the Tax Landscape: A Journey of Professional Excellence’.
“Taxation is not merely about numbers and regulations; it is a critical force driving economic growth, social development, and the overall well-being of our nation. The financial landscape is always changing, so as tax professionals, your role becomes even more crucial,” stated Mukail in his keynote address.
He claimed that taxes were now a major source of income for all countries, including Nigeria.
The 16th President of the Chartered Institute of Taxation of Nigeria, Mr Samuel Agbeluyi, stated, “Currently, the digital economy accounts for between 15% and 20% of global GDP.”
He did, however, add that tax administrations in Africa, particularly Nigeria, were still unsure of the best and most efficient approach to tax the digital economy.
“However, the difficulties brought on by complex business models and technological advancements keep growing, which raises the possibility of tax revenue leakages,” he stated.
Agbeluyi revealed that a significant global initiative tackling tax-related matters was the OECD Two Pillar Solution.
“The OECD and FIRS are attempting to customize it for Nigeria. Professionals in taxation need to push for sensible laws that maximize the country’s gains, he continued.
He said that the formation of the Presidential Committee on Fiscal Policy and Tax Reforms demonstrated a strong commitment to using effective and efficient taxation to steer the economy towards sustainable growth.
He emphasized that the committee’s recommendations had the potential to strengthen Nigeria’s tax system and close gaps in fiscal policy if they were properly put into practice.
Agbeluyi demanded that highly qualified experts supervise every aspect of Nigeria’s tax system.
He said that in order to stay ahead of new developments in taxation, every employee of this institute continued to place a high value on continuous learning.
