The President of the Chartered Institute of Taxation of Nigeria (CITN), Mr. Samuel Agbeluyi, has cautioned against the indiscriminate granting of tax holidays based on political considerations, warning that such practices may not be beneficial to the country’s economy.
Agbeluyi made this assertion during a press briefing preceding the institute’s 26th annual tax conference, slated to be held at the Abuja Chambers of Commerce and Industry from May 13 to 17. The conference’s theme, “Sustainable Tax Culture And Economic Roadmap For Nation Building,” underscores the importance of sound tax policies in fostering economic growth.
Highlighting the significance of tax revenue as a sustainable means of financing government activities, Agbeluyi stressed that successful economies worldwide rely on taxes rather than natural resources for revenue, as taxes provide a stable and consistent income stream.
He underscored the importance of utilizing tax revenue for the benefit of citizens to build trust and encourage voluntary tax compliance. Agbeluyi also addressed the issue of tax incentives, noting that while they can stimulate economic activity, they should be targeted strategically to avoid abuse and ensure long-term economic benefits.
Agbeluyi expressed optimism about President Bola Tinubu’s commitment to tax reform and called for support from all branches of government to drive the initiative forward. He emphasized the importance of dialogue and collaboration among stakeholders to address challenges in Nigeria’s taxation system effectively.
The upcoming CITN conference is expected to convene key stakeholders, including former Governor of Ogun State, Senator Ibikunle Amosu, as well as governors from Jigawa and Plateau States. Former executive chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, and other industry experts and policymakers will also participate in discussions aimed at addressing critical issues in Nigeria’s public finance management.
