CITN Uses The Legislative Branch To Uphold The Charter
The Chartered Institute of Taxation of Nigeria (CITN) is working with federal legislators to bolster its advocacy and advance the country.
The Joint Tax Board (JTB), the Federal Inland Revenue Service (FIRS), and professional bodies within the Association of Professional Bodies of Nigeria (APBN), according to the institute, have all been key partners in its ongoing efforts to promote tax professionalism.
Adedayo Adesina, CITN’s president and chairman of the council, made this statement at the institute’s 31st annual general meeting in Lagos.
He asserted that the Institute’s leadership remained steadfast in the defense of its charter, which serves as the organization’s foundational legal document.
Adedayo explained that the overarching goal was to strengthen the tax system while maintaining the profession.
The head of CITN said the prognosis remained uncertain due to an increased danger of a global recession while providing an update on operational activities and the state of the world economy during the time under review.
Adedayo stated that there is no doubt that the events from 2022 to the first quarter of 2023 had a big detrimental effect on the world economy.
However, He said that the ongoing COVID-19 pandemic, rising inflationary pressure, tightening monetary policy stances by major central banks, the Russia-Ukraine crisis, and supply chain bottlenecks all had a significant negative influence on the world economy.
Also, He claimed that throughout Africa, the persistent effects of the epidemic and country-specific structural imbalances, including as fiscal irresponsibility and worries about debt sustainability, were made worse by central banks’ assertive stance, which brought most African economies to breaking points.
In response to questions about how the institute had fared over the time, he stated that despite several economic downturns, it had continued to make progress toward its goal of becoming one of the top professional institutions in Africa and worldwide.
“It is gratifying to note that despite various challenges, the CITN has remained resilient and focused on its mission statement. As a professional Institute, our views and opinions on tax matters remain widely respected and sought after by the government and other stakeholders in the Nigerian tax system. CITN enjoyed stakeholder support and collaboration, which affirms the recognition of the statutory role of the institute in the Nigerian tax system,” he stated.
He explained how the administration had set up a member-centric and stakeholder-support base for the upcoming generation of tax professionals, seamlessly integrating the full support of members, and added that efforts to raise the younger generation’s awareness of taxation and fiscal policies were beginning to bear fruit.