By Omodele Adigun
As the Finance Act continues to shape tax system in the country, the Chartered Institute of Taxation of Nigeria (CITN) has called for its viable implementation that will define roles expected of respective stakeholders.
According to its President, Mr Adesina Adedayo, who stated this Tuesday in Lagos at a Tax Practice Management Workshop, with the theme: Evaluation of Finance Act 2019 to 2021 and Practical Steps to Implementation by Practitioners, organised by the institute, “a viable implementation for the legal frameworks and relevance must be structured to ensure clear understanding of roles of stakeholders.”
Represented by the Honorary Treasurer of the Institute, Mr Simeon Kato, Adedayo explained that CITN organised the workshop in line with its public enlightenment and continuing education activities, geared towards contributing to national development, as well as enhancing members’ capacity.
He noted that the Finance Act has transformed the taxation landscape in Nigeria, and “there is need for tax practitioners to familiarise themselves with the Act and its implications.”
He added: “The Institute has had webinars on Finance Act in relations to the national budget and its implications towards tax policy reforms and economic recovery. The role of tax practitioners as critical stakeholders in the implementation of provisions contained in the Finance Act cannot be over-emphasized. A viable implementation for the legal frameworks of such magnititude and relevance must be structured in a manner that stimulates ownership and ensure clear understanding of roles by respective stakeholders.”
In his paper, entitled Finance Guide 2020 and 2021(Amendments and Implementation Guides), Mr Gregory Osajioku, Partner, Ijewere & Co, Chartred Accountants, Lagos , stated that the review of the Finance Acts 2020 and 2021, as they relate to practitioners and the guide Advocated, is to enable tax practitioners comply with the extant provisions of the law in their roles as advisers to their clients on any proposed or future transaction.