AGS NEWS – The Chartered Institute of Taxation of Nigeria (CITN) has emphasized the importance of a robust tax system to attract foreign direct investment (FDI) to the country.

Mr. Abiodun Oke, Chairman of the Ikeja District Society of CITN, highlighted this necessity during his recent investiture ceremony in Lagos.

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Oke stressed the significance of creating an environment conducive to foreign investment, stating that a standardized tax system is essential for FDI to thrive.

He advocated for updating Nigerian tax laws, emphasizing the need to align them with contemporary requirements to encourage investment.

Addressing the issue of multiple taxation, Oke expressed optimism that the involvement of tax professionals in strategic positions would lead to solutions.

He underscored the role of digital technology in tax collection, noting that digitizing processes would facilitate monitoring and compliance.

Highlighting his administration’s priorities, Oke emphasized the importance of member welfare and improving relationships within the institute.

He discussed plans to establish an e-platform for seamless communication with members, particularly focusing on elderly members who have contributed significantly to the institute.

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CITN President, Mr. Samuel Agbeluyi, revealed plans by the Tax Reforms Committee to streamline Nigeria’s tax system.

Agbeluyi disclosed the committee’s objective to reduce the number of taxes payable in Nigeria from over 60 to a maximum of 10, aiming to simplify the tax regime and enhance compliance.