The President of the Chartered Institute of Taxation of Nigeria (CITN), Barrister Samuel Agbeluyi, mni, FCTI, has emphasized the pivotal role of the media in fostering informed public discourse on tax reforms and fiscal policies in Nigeria.
Speaking at a media workshop organized for tax and finance reporters on Wednesday, December 4, 2024, at the Tax Professionals’ House in Alausa, Ikeja, Lagos, Barrister Agbeluyi acknowledged the indispensable contributions of journalists in advancing public understanding of Nigeria’s evolving tax landscape.
He noted the importance of equipping media practitioners with the requisite tools and knowledge to accurately report on tax matters. The workshop, initiated by the Branding, Publicity, and Publications Committee under the leadership of Prof. Godwin Oyedokun, was designed to build capacity among journalists while addressing common misconceptions surrounding taxation.
“Taxation is a complex but essential aspect of governance,” Barrister Agbeluyi stated. “Our goal with this workshop is to enhance your ability to provide accurate and insightful information to the public, particularly in light of ongoing tax reforms aimed at stabilizing the economy.”
Key Reforms and Updates:
The CITN President highlighted several significant tax policy changes implemented by the Nigerian government since May 2023, including:
Suspension of Certain Taxes: Executive orders halting excise duties on telecommunications, import adjustment taxes, and green taxes to alleviate economic pressures.
Gas Sector Incentives: Waivers and VAT exemptions introduced to stimulate growth and promote gas utilization.
Finance Act 2023 Amendments: Enhancements to tax laws to streamline compliance and improve transparency for individuals and businesses.
TaxProMax Upgrades: Launch of a Tax Wallet feature, simplifying the payment process for taxpayers.
Barrister Agbeluyi also addressed the contributions of the Presidential Fiscal Policy and Tax Reforms Committee, which developed the Economic Stabilization Bills currently under review by the National Assembly. He encouraged stakeholders to engage constructively with the bills to address systemic challenges and support economic growth.
Workshop Sessions:
The workshop featured several sessions on critical topics, including:
Introduction to Taxation Terminologies
Tax Administration and Practice for Beginners
Effective Tax Reporting for the Media
Seasoned experts provided actionable insights, helping reporters better understand tax policies and communicate their implications to the public.
In his closing remarks, Barrister Agbeluyi encouraged journalists to apply their newfound knowledge to their reporting, emphasizing the media’s role in shaping public perception and contributing to Nigeria’s fiscal stability.
The CITN reaffirmed its commitment to supporting media practitioners and fostering partnerships that elevate the discourse around taxation as a key driver of national development.
In a recent legislative move, the Nigerian Senate has paused further action on the Tax Reform Bills under review. Senate President Godswill Akpabio announced the creation of a special committee comprising experts and stakeholders to address widespread concerns about the bills’ economic implications.
“The Senate is determined to ensure that any tax policy adopted is equitable and promotes economic growth while safeguarding the interests of businesses and citizens,” Akpabio stated.
This action underscores the Senate’s commitment to balancing revenue generation with protecting Nigeria’s economic stability and fostering a favorable business environment.
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