Barrister Samuel Agbeluyi, the President of the Chartered Institute of Taxation, Nigeria (CITN), has proposed a strategy to enhance Nigeria’s internally generated revenue (IGR) potentially.
He emphasized the importance of tax professionals effectively integrating young Nigerians who are genuinely engaged in remote work.
Agbeluyi shared his insights during a discussion with journalists ahead of the 26th CITN Annual Tax Conference scheduled to be held in Abuja from May 13 to 17.
This suggestion comes amidst Nigeria’s ongoing struggle with low IGR, with numerous states heavily reliant on federal allocations.
Highlighting the untapped potential, Agbeluyi suggested that integrating young Nigerians involved in remote work into the tax system could catalyze boosting IGR.
He said: “Nobody should call these creative, and smart young Nigerians working with foreign organizations, Yahoo.
”Those young people are working but you need the ability and technology to bring them into the tax system.
”There are also many others doing business internationally, either as individuals or organizations, not captured into the tax system, who can also be captured.
The CITN boss also stressed the importance of the upcoming conference, which will feature experts speaking on the theme, “Sustainable Tax Culture and Economic Roadmap for Nation Building,” as well as other sub-themes.
He noted that the conference would equip participants with the necessary intellectual, health, and social tools to succeed.
Agbeluyi also called for the autonomy of state internal revenue services, saying multiple taxation limits the growth of the economy.
“On growing the IGR, you can’t have states running to Abuja for FAAC allocation, despite contributing to it. FAAC can’t be enough. FIRS is doing well because of its autonomy.
”This is the same for states like Lagos. States can raise more IGR if they have the technical know-how,” Agbeluyi said.