By Olusegun Obisanya
The Chartered Institute of Taxation of Nigeria (CITN) has expressed full support for the Federal Government initiative setting up the Presidential Committee on Fiscal Policy and Tax Reforms.
It would be recalled that President Bola Ahmed Tinubu recently signed four Executive Orders with key Fiscal Policy measures featuring prominently, including the suspension of the 5% excise tax on telecommunication services and excise duties on locally manufactured vehicles.
Since the announcement, fiscal and economic experts; small, medium enterprises operators and business associations such as Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Association of Licensed Telecoms Operators of Nigeria (ALTON), investors among others have lauded the initiative by the Nigerian government.
In a statement, the CITN President, Mr. Samuel Agbeluyi, lauded the initiatives, expecting that the Committee’s mandate would lead to improved revenue collection efficiency, promote transparency, foster a healthy tax culture, and encourage voluntary compliance.
Agbeluyi, who praised the Tinubu for appointing Taiwo Oyedele as Chairman of the committee, also called for open dialogue and engagement of all stakeholders in the Nigerian tax system for the reforms to be all inclusive and meaningful. Agbeluyi confirmed the tax professional body’s intention to participate fully as it had always done in the current reforms process.
