The Chartered Institute of Taxation of Nigeria (CITN) Jos and District Society chairman Mr Isaac Wadak, has endorsed the use of modern technology to block tax leakages and fraudulent action to improve and sustained internally generated revenue in the country.
Isaac Wadak has advised the newly inaugurated tax bodies in Plateau to channel their energy towards maintaining the same tax but not to increasing it but looking for more people to pay tax.
Mr. Wadak said this during the maiden edition of the annual tax week of Chartered Institute of Taxation of Nigeria (CITN), Jos District Society, where tax clubs were inaugurated at the University of Jos, Plateau State Polytechnic Barkin-Ladi and Plateau State University, Bokkos, respectively.
According to him the Finance Act 2020 has introduced landmark changes in Nigerian tax legislation with a view to improving a sustained revenue generation in the country.
Isaac Wadak noted that the charges would address issues of regressive taxation and the reformation of domestic tax laws to align with international best practices.
‘You should be looking for more people to pay tax, who are not paying, consolidation of taxes enumeration of taxpayers and automation of tax systems and using technology to block leakages and fraudulent actions,’ he said.
‘Most importantly, is to ensure tax justice, wherein the taxpayer is assured that the taxes paid are not only used for good governance but for the benefit of the public.’
He explained that the annual tax programme is aimed at creating awareness on contemporary tax issues and how it relates to the tax payers and relevant tax authorities as well as solving the variety of challenges that sorrounds Tax collection.
‘The finance act 2020 introduced landmark changes in Nigeria in tax legislation such as companies income tax Act, Capital Gains Tax Act, personal income tax act, Petroleum profit tax Act among others.
‘The core goal of the charges is for improve and sustainable revenue generation and introduction of tax incentives for investment in infrastructure and capital markets to address issues of regressive taxation and reformation of domestic tax laws to align with international best practices and for ease of doing business.’
Mr. Wadak viewed the inauguration of the Plateau Revenue Council and the Governing board of the Plateau State Internal Revenue Service as a right step towards rejigging revenue generation in the state.
‘The inauguration of Plateau Revenue Council and the Governing board of the Plateau State Internal Revenue Service is geared towards the full implementation of the new Plateau State Revenue law 2020.
‘It is envisaged that the state Internally generated revenue should improve and sustained as the monthly Abuja largesse dwindles. Even more appealing is the Governor’s assurances that every kobo will not only be accounted for but used for projects and programs that have a direct impact on lives of the people.’
He applauded Governor Simon Bako Lalong for ensuring tax justice and appropriate management in which the taxpayer is assured that the taxes paid are being used for the benefit of the public.
Mr. Wadak led the chartered Institute of Taxation of Nigerian (CITN), Jos District Society on a courtesy visit to the Assistant Director, Federal Inland Revenue Service (FIRS) Jos, Mrs. Martha Sati, and Executive Chairman Plateau State Internal Revenue Service Mr. Dashe Arlat and assured them of his support towards improving revenue generation in Plateau and Nigeria.
Mrs. Sati and Arlat applauded the Chairman (CITN) on embarking on such a workshop which will be of benefit to both tax administrators and taxpayers.
They both viewed the initiative as an avenue for students to learn and have the culture of taxation thereby making tax administration become very easy for tax administrators to handle.
Capital Gains Tax (CGT) is a tax on the profit obtained from disposal or exchange of certain kinds of assets. In Nigeria, CGT is charged at a flat rate of 10% of chargeable gains. All chargeable assets are subject to Capital Gains Tax when disposed at a gain, except those specifically exempted by the Act