The Chartered Institute of Taxation of Nigeria, CITN, has berated firms and government agencies for tax default. Ikemefuna Ede, President, CITN, expressed concern over an audit report indicting the National Assembly and some government agencies over tax default.
Speaking during the annual general meeting of the institute, Ede said the development was “worrisome” and contradicted government efforts in enforcing compliance from individuals and corporate organisations. “Of momentous concern to the institute was the revelation from an audit report by Auditor-General of the Federation submitted to the National Assembly in 2018 that the Presidency; both chambers of the National Assembly; the Economic and Financial Crimes Commission; and over 100 other ministries, departments and agencies defaulted in remitting various taxes, including VAT and withholding taxes deducted from their contractors and PAYE of their members of staff.” Ede, however, expressed satisfaction at the financial position of the organisation. Samuel Agbetuyi, treasurer, CITN, presented the 2018 financial position at the meeting. The finances showed that the professional tax body grew its total income by 43 percent from N399 million in 2017 to N570 million in 2018. The breakdown showed that the organisation recorded 62 percent increase in membership fees from N167.361 million to N270.6 million, while self-financing programmes had an increase of 40 percent from N172.95 million to N242.566 million between 2017 and 2018 respectively. In the year under review, however, it experienced dip in the money market, especially on treasury bills and fixed deposit, resulting in “significant fall in the investment income representing 33 percent decrease”. The total expenditures for the year under review showed the organisation incurred 28 percent increase over 2017.
Source: Real news Magazine