The Federal Government has urged tax practitioners to intensify their efforts in generating more revenue from taxes, as tax revenue has become the highest income source for the federation.
This call was made by the Accountant-General of the Federation, Mrs. Oluwatoyin Madein, at the recent 26th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN) in Abuja.
Mrs. Madein emphasised that tax revenue has become the most significant source of income for the federation, and the Federation Accounts Allocation Committee eagerly awaits the figures from the Federal Inland Revenue Service (FIRS) every month to share funds among the three tiers of government. She encouraged tax practitioners to remain committed to building a sustainable tax culture, harnessing the transformative power of taxation to create a more prosperous, equitable, and sustainable world.
The Accountant-General urged tax practitioners to step up their efforts to collect more taxes to provide infrastructure and other amenities for citizens.
The President/Chairman of Council, CITN, Mr. Samuel Agbeluyi, noted that the withdrawal of subsidies on fuel and electricity has reduced the purchasing power of the masses and urged the government to consider the impact of its actions on citizens. He commended President Bola Tinubu for asking the Central Bank of Nigeria to slow down on the recent cybersecurity levy policy.
Mr. Agbeluyi emphasised that building a sustainable tax culture requires government at all levels to play a significant role, ensuring judicious use of tax revenue to engender trust between government and taxpayers. He stressed the need for subnational revenue authorities to invest in technology and people to effectively track revenues in the digital space, including cryptocurrency, to maximise government revenue flow.
The conference aimed to deepen collaboration between organisations, build capacity for professionals, and promote a better understanding of tax laws, rules, and regulations.
