The President of the Chartered Institute of Taxation of Nigeria (CITN), Dame Gladys Olajumoke Simplice, has urged the Federal Government to expand the tax net in order to tackle its recurring budget deficits just as the Institute has turned its International Academic Conference on Taxation into an annual event.
According to Dame Simplice, no nation can achieve development in the absence of adequate revenue to fund its programmes and projects., adding that “there cannot be an effective tax system if the social contract is observed in breach by either party.”
Ms Simplice, who stated this in her welcome address at the opening ceremony of the 3rd annual International Academic Conference on Taxation held at Igbinedion University, Okada, Edo State, explained that sustainable and adequate revenue mobilization is a function of an effective tax system.
Speaking on the theme of the conference :Taxation, Social Contract and Economic Development, the CITN boss said:“From available data from the Joint Tax Board, just about 13 per cent of our population are in the tax net. This is not encouraging for any nation that desires to achieve development in the foreseeable future. If we could ramp up the number of active taxpayers across all sectors, the recurring budget deficits and tendency to borrow to fund the budget will be adequately addressed.