The Chartered Institute of Taxation of Nigeria says it is supporting the proposed plan by the Federal Government to introduce Value Added Tax on online transactions.
A statement quoted the newly elected 14th and third female President/Chairman of Council, CITN, Gladys Simplice, as saying this after her investiture recently in Lagos. Simplice was also inaugurated as the second female president of the West Africa Union of Tax Institutes. She said the plan should have been introduced to the economy long ago as the same practice was obtainable in other climes, because the nation was losing a significant amount of revenue due to that. She said, “The amount of money we are losing because we are not tracking these online transactions is huge. Even if we are not getting it fully right at the beginning, let’s talk about it, let’s bring it into our conversation and let’s put it into action. “In some climes, as you are transferring money, it is being taxed; even invisible trades are being tracked. So, when taxable incomes are earned, they must be taxed. I support it.” Her presidency came to fruition following the successful conduct of the 27th Annual General Meeting of the institute where Simplice was unanimously elected president of the CITN. Other elected officers of council include Mr Adesina Adedayo as vice- president; Samuel Agbeluyi as deputy vice- president, and Mr Innocent Ohagwa was elected as the honorary treasurer. She explained that the new executives, under her leadership, would strictly adhere to the CITN’s mission in taking ownership of taxation in the country, noting that they were going to address development needs of all tax practitioners in terms of capacity building. “We will embark on the education of taxpayers; we are going to partner with the government and international bodies. At the moment, we have received an international invitation for partnership talk,” Simplice added. While praising the leadership of the FIRS, she said, “The chairman of Federal Inland Revenue Service, Babatunde Fowler, has taken the right steps. You would have noticed that everybody is talking about taxation now. In this country, FIRS has brought taxation to the consciousness of Nigerians. No one can claim ignorance of taxation: we have been educated. No one has an authentic reason to evade tax.”

Source: Punch