In the pursuit of President Bola Ahmed Tinubu’s ambitious N10.4 trillion tax revenue target for 2024, tax experts are championing a substantial expansion of the tax net.
Their proposal includes the introduction of innovative taxes covering affluent lifestyles, luxury assets, donations, and idle cash balances to bolster government revenues.
Speaking at the 49th induction ceremony of the Chartered Institute of Taxation of Nigeria (CITN), Dr. Akinde Aremu, Rector of the Federal Polytechnic, Ilaro, emphasized the indispensable role of taxation as the primary source of funding in an economy grappling with escalating debts, infrastructure deficits, and rising living costs amid dwindling income.
Under the theme “Navigating the Tax Landscape: A Journey of Professional Excellence,” the induction ceremony underscored the current necessity for tax professionals to possess comprehensive knowledge of past and present tax trends on both local and global scales.
Dr. Aremu urged tax professionals to devise innovative strategies aligning with the federal government’s ambitious 2024 tax revenue target.
CITN President and Chairman of Council, Samuel Agbeluyi, shed light on the unexplored potential of taxing the digital economy, constituting 15 to 20 percent of the global Gross Domestic Product (GDP).
Acknowledging the challenges associated with effectively taxing the digital realm, Agbeluyi stressed the imperative for continuous support from tax professionals in crafting and implementing policies, rules, and frameworks to maximize benefits for Nigeria.
The call for expanding the tax net resonates with the evolving economic landscape, and experts contend that a proactive approach to taxation is vital for achieving sustainable economic growth and meeting ambitious revenue targets.
