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ICAN urges governments to harmonize taxation
A common tax board is urgently needed, according to the Institute of Chartered Accountants of Nigeria, to harmonize taxes and coordinate…
A common tax board is urgently needed, according to the Institute of Chartered Accountants of Nigeria, to harmonize taxes and coordinate technology for online verification and approvals.
The 58th President of ICAN, Prof. Tijjani Isa, and the Registrar/Chief Executive Officer of ICAN, Ahmed Kunshe, jointly signed a communiqué that the institute released at the conclusion of the 52nd Annual Accountants Conference. ICAN added that by hiring competent/qualified people, sustainability in revenue collection may be ensured.
According to ICAN, “Delegates noted that sustainability in revenue collection can be guaranteed through the recruitment of competent/qualified staff, adoption of appropriate technologies, and open communication channels. Delegates also observed the urgent need for the Joint Tax Board to harmonize taxes, and align technology for online verification and approvals”
The group emphasized that taxation was a legitimate tool for fostering sustainable environmental practices.
It said, “Tax straddles the three pillars of sustainability, environment, Social and Governance. Tax is a valid instrument for promoting sustainable environmental practices and discouraging harmful ones”
It added, “The provision for carbon taxes and emission trading in the Climate Change Act 2021 is an example. The government’s social contract and obligations to citizens are fulfilled with revenue, most of which is from taxes. Through good governance and the fulfillment of the social contract, tax compliance is achieved. Delegates recommended that Government should deepen its transparency initiative by publicly disclosing the uses of tax, as a means of driving new revenues from sustainability initiatives”
Source: punchng.com