President of the Chartered Institute of Taxation of Nigeria (CITN), Adesina Adedayo, has listed taxation as one of the fiscal policy instruments needed to stabilise the economy in the post pandemic.
Adedayo made the remark at 45th induction ceremony of 850 members of the institution. He noted that It was no longer news that taxation has assumed the front burner and will continue to be, due to the new normal occasioned by COVID -19. Adedayo, who is also chairman of the institute, said the global economy which went into recession in 2020 could be stabilised with taxation, which is one of the fiscal policies needed.
At government level, he said it was important that tax policy initiatives and tax laws are well thought out and followed through. “We have consciously seen government’s efforts in the amendments of our tax laws.
Government must avoid the propensity to introduce earmarked taxes with the intention of raising revenues while neglecting the impact that such action would have on businesses and economic activities. According to him, as a matter of fact, section 2.2.6 of the revised national tax policy 2017 says that our taxes should be few in number, broad based and high revenue yielding.
