The President of the Chartered Institute of Taxation of Nigeria (CITN), Samuel Agbeluyi, has revealed that several states in Nigeria are undertaking the harmonization of their multiple taxes in anticipation of the release of the full-year report by the Presidential Committee on Fiscal Policy and Tax Reforms. Agbeluyi made this statement during a pre-conference chat held in Lagos in preparation for the 26th Annual Tax Conference scheduled to take place in Abuja from May 13 to 17 this year.
According to Agbeluyi, some states are planning to streamline their tax systems by reducing the number of taxes from as many as 65 to just 10. He emphasized that this move aims to promote tax sanity and stimulate development across the country. Agbeluyi expressed confidence that achieving tax sanity within the tax space will contribute to a vibrant economy.
The theme of the upcoming tax conference is “Sustainable Tax Culture and Economic Roadmap for Nation Building.” This underscores the importance of fostering a sustainable tax culture in Nigeria to drive economic growth and development. The conference will provide a platform for stakeholders to discuss strategies for enhancing tax compliance, improving revenue generation, and charting a path towards nation-building through effective taxation policies.
Agbeluyi’s remarks highlight the significance of tax reforms and policy initiatives in promoting economic stability and prosperity in Nigeria. As states move towards harmonizing their tax systems, there is optimism that these efforts will contribute to a more conducive business environment and support the country’s overall development agenda.
