CITN- Advises Federal Government On Tax Waivers

The Chartered Institute of Taxation of Nigeria has advised the Federal Government to consider a more transparent tax waiver regime in which “beneficiaries are tracked for utilization and performance with respect to the impact of the waivers and concessions”.

The institute of Taxation also described the recently introduced luxury tax as narrow in scope, adding that the tax would contribute only 0.38 per cent to the Federal Inland Revenue Service’s with target revenue of N6tn.

The President and Chairman of Council, Mr. Mark Dike, stated these during a press briefing organized by the Chartered Institute of Taxation in Lagos.

He also said there was a need to clarify if the luxury tax was a tax or levy, as the necessary legal instrument for the tax was yet to be submitted to the National Assembly for bill passage.

Meanwhile, the institute was pleased that the government was thinking in a broader terms with regards to focusing on the non oil sector.