The President, Chartered Institute of Taxation of Nigeria, Mrs Olajumoke Simplice, has said the negative effects of the COVID-19 pandemic are glaring and include the inability of taxpayers to fulfil their tax obligations as and when due.
She also said it was important for the authorities to continue to engage more with taxpayers in addressing the challenges facing them in these uncertain and challenging times.
Simplice spoke at the 42nd induction ceremony of the CITN which was also conducted virtually.
She said, “At the local scene, the negative effects of the pandemic are glaring including the inability of taxpayers to fulfil their tax obligations as and when due.
“No wonder, the Federal Government had initiated a number of proactive measures particularly, the recent approval of the Nigeria Economic Sustainability Plan by the Federal Executive Council.
“Furthermore, tax authorities at the federal and state levels have been responsive in handling this situation, resulting in the initiation of measures towards mitigating the effects on taxpayers.
“These measures range from extending the period for filing tax returns, waivers of penalties, extension of the period for due tax payments, tax waivers for small businesses and so on.”
She said with these developments, it was important as tax professionals that they should be abreast of daily developments in the tax terrain, otherwise, they would be on the disadvantaged side.
As professionals, she said, they must be on top of current policies and developments in the profession to be able to enlighten clients on reliefs available to them.
“This would assist them in reducing their exposures and going concern while also ensuring that they are able to fulfil their taxes obligations as and when due,” she said.
The Director-General, Nigerian Employers Consultative Association, Mr Timothy Olawale, who was the guest speaker at the event, urged the government to enact policies that would improve taxation.
He said, “We submit that taxation is a significant determinant of economic growth in Nigeria.
“We, therefore, recommend that government should enact policies so as to ensure adequate collections of taxation, after widening the tax-net.”
