CITN inducts 1055, cautions members to eschew all forms of unethical practices

The Chartered Institute of Taxation of Nigeria (CITN) has inducted 1055 new associate members as certified chartered practitioners in the field of taxation, calling on its members to eschew all forms of unethical practices, uphold the integrity of the Institute and be prudent in all their dealings especially in professional services rendered to their clients at various levels of engagement.

Mr Samuel Agbeluyi, the 16th President of CITN, said at the 49th induction ceremony of the Institute in Lagos that the exercise was a mechanism to grow the tax administration system of the country.

Agbeluyi said that the digital economy has grown dramatically, with digital Multinational Enterprises (MNEs) such as Amazon, Facebook and Google having significant presence in the global digital space.

He explained that the digital economy was accounting for between 15 and 20% of Global Gross Domestic Product (GDP), however, tax administrations in Africa including Nigeria remain unclear on the most effective and efficient way to tax the digital economy. Yet the challenges arising from technological advancement and intricate business models continue to mount; thus, increasing the likelihood of tax revenue leakages.

Agbeluyi noted that, in view of the foregoing, the need for highly competent tax professionals to oversee every facet of the tax system in Nigeria was now more than ever, important.