The Institute of Chartered Accountants of Nigeria, has called for urgent need for a joint tax board to harmonise taxes, and align technology for online verification and approvals.
The institute said this in a communiqué issued at the end of the 52nd Annual Accountants Conference, jointly signed by the 58th President of ICAN, Prof Tijjani Isa, and the Registra/Chief Executive Officer, ICAN, Ahmed Kunshe.
ICAN also said that sustainability in revenue collection could be guaranteed through the recruitment of competent/qualified staff.
It said, “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 organisation restated that tax was a valid instrument for promoting sustainable environmental practice.
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. Government’s social contract and obligations to citizens are fulfilled with revenue, most of which are from taxes. Through good governance and the fulfilment 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”
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