{"id":5478,"date":"2024-04-26T13:25:28","date_gmt":"2024-04-26T13:25:28","guid":{"rendered":"https:\/\/www.psmgt.org.uk\/us\/?p=5478"},"modified":"2024-04-26T13:25:28","modified_gmt":"2024-04-26T13:25:28","slug":"nigeria-needs-good-tax-system-to-attract-foreign-investment-citn","status":"publish","type":"post","link":"https:\/\/www.psmgt.org.uk\/us\/nigeria-needs-good-tax-system-to-attract-foreign-investment-citn\/","title":{"rendered":"NIGERIA NEEDS GOOD TAX SYSTEM TO ATTRACT FOREIGN INVESTMENT \u2013 CITN"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">The Chartered Institute of Taxation of Nigeria highlights\u00a0<\/span><span data-preserver-spaces=\"true\">the vital role of<\/span><span data-preserver-spaces=\"true\">\u00a0a robust tax framework\u00a0<\/span><span data-preserver-spaces=\"true\">in the nation to foster<\/span><span data-preserver-spaces=\"true\">\u00a0foreign direct investment (FDI).<\/span><span data-preserver-spaces=\"true\">\u00a0Mr Abiodun Oke, Chairman of the Ikeja District Society of CITN, disclosed this during his recent investiture ceremony in Lagos. &#8220;A well-structured tax system is indispensable to create an enabling environment for foreign investors to operate and channel capital into our nation,&#8221; remarked Oke.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Highlighting<\/span><span data-preserver-spaces=\"true\">\u00a0the significance of updating Nigeria&#8217;s tax legislation<\/span><span data-preserver-spaces=\"true\">, Oke pointed out, &#8220;<\/span><span data-preserver-spaces=\"true\">Obsolete tax laws hinder our progress.<\/span><span data-preserver-spaces=\"true\">\u00a0We must ensure our legal framework remains current\u00a0<\/span><span data-preserver-spaces=\"true\">to effectively meet the needs of our evolving economy<\/span><span data-preserver-spaces=\"true\">.&#8221; He also expressed optimism regarding the role of tax professionals in mitigating the issue of multiple taxation. He further emphasized digitization as a pivotal tool for enhancing tax compliance and should include digital monitoring and<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span><span data-preserver-spaces=\"true\">efficient tracking of transactions to foster compliance.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In addressing the welfare of CITN members, Oke outlined plans to leverage digital platforms for seamless communication and support. He said that improving member relations is paramount through an e-platform, as they aim to enhance engagement and provide better assistance, particularly to elderly members who have served their district and the Institute.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Mr Samuel Agbeluyi, President of CITN and a member of the Tax Reforms Committee, also shared insights into the ongoing efforts to streamline Nigeria&#8217;s tax landscape. He shared the plans of the committee to reduce the payable taxes in Nigeria from 60 to a maximum of 10, and steps are being taken in that direction to follow the plans, thereby simplifying compliance for taxpayers.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Source: <a href=\"https:\/\/punchng.com\/nigeria-needs-good-tax-system-to-attract-foreign-investment-citn\/?amp\">Punch<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Chartered Institute of Taxation of Nigeria highlights\u00a0the vital role of\u00a0a robust tax framework\u00a0in the nation to foster\u00a0foreign direct investment (FDI).\u00a0Mr Abiodun Oke, Chairman of the Ikeja District Society of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5477,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[16,80,1],"tags":[],"class_list":["post-5478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bussiness","category-economic","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/posts\/5478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/comments?post=5478"}],"version-history":[{"count":1,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/posts\/5478\/revisions"}],"predecessor-version":[{"id":5479,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/posts\/5478\/revisions\/5479"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/media\/5477"}],"wp:attachment":[{"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/media?parent=5478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/categories?post=5478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/tags?post=5478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}