Happening Globally

CITN Engages Legislative Arms In Defense Of Charter

The Chartered Institute of Taxation of Nigeria (CITN) is engaging federal lawmakers towards strengthening its advocacy and contributing to national development. The institute said in its continued quest for tax professionalism, it has continued to strengthen its relationship with critical stakeholders, including the Federal Inland Revenue Service (FIRS), Joint Tax Board (JTB) and professional bodies within the Association of Professional Bodies of Nigeria (APBN). President and Chairman of Council, CITN, Adedayo Adesina, said this during the Institute’s 31st yearly general meeting in Lagos. He said the leadership of the Institute remained resolute in the defence of its charter, which serves as the legal basis for its existence. The overall objective, Adedayo said, was to sustain the profession while strengthening the tax system. Giving an update on operational activities and global economy assessment during the period under review, the CITN chief said the outlook remained uncertain amid heightened global recession risk. Undoubtedly, events in the period 2022 through the first quarter of 2023, Adedayo said, had a significant negative impact on the global economy. According to him, the Russia-Ukraine conflict, rising inflationary pressure, tightening monetary policy stances by major central banks, the continuing impact of the COVID-19 pandemic, as well as supply chain bottlenecks all took a heavy toll on the global economy. In Africa, he said the lingering impact of the pandemic and country-specific structural imbalances, such as fiscal recklessness and debt sustainability concerns were worsened by the aggressive tilt of central banks, which pushed most African economies to tipping points. On how the institute had fared during the period, he said despite various economic downturns, the institute had continued to gain traction in the drive to become one of the foremost professional institutions in Africa and beyond. “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 said. He stated how the administration had seamlessly integrated the full support of members by putting in place a member-centric and stakeholder-support base for the next generation of tax professionals, adding that efforts at awakening the consciousness of the younger generation about taxation and fiscal policies were gradually paying off.

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