CITN laments poor economic clime

Says it impacts negatively on IGR

The President, Chartered Institute of Taxation of Nigeria (CITN), Dr. Teju Somorin, has lamented the poor economic environment in the country, saying that it is impacting negatively on the internally generated revenue (IGR).

Somorin, who spoke to journalists in Asaba, Delta State capital on Tuesday, after meeting with the State Board of Internal revenue (DBIR), Chairman, Sir Monday John Onyeme, remarked that the persistent harsh environment has “rubbished” all processes for generating revenue by various agencies in the country.

Noting that IGRs are in line with the Institute’s objective, Somorin said the current board of Delta State has done relatively well against the backdrop of the nation’s economic downturn, which had impacted negatively on business activities.

The CITN President further disclosed that the Institute is working out modalities to ensure that revenue collections are not too stressful even in the face of poor economy.
She added that the visit to Delta State is to solicit for co-operation and support towards the successful hosting of the forthcoming 19th Annual Tax Conference, with the theme: “Taxation and Governance” the social contract imperatives slated for May 17 to 20th in Abeokuta Ogun State.

She pointed out that the benefits of attending the conference, which would be the largest gathering of tax administrators and practitioners in West Africa, will be immeasurable, and regretted that tax payers money in most cases are not adequately utilised.

“We have observed litany of frauds in the tax payers money especially not being utilised at the level of the board find it difficult to understand why fraud is eating deep, and is an issue that must be addressed,” she added.