Nigerians urged to embrace new tax policy
The Chartered Institute of Taxation of Nigeria (CITN) has appealed to Nigerians to embrace the Personal Income Tax Act (PITA) recently signed into law by President Goodluck Jonathan.
Mr Femi Jegede, CITN President, made the appeal at a seminar organised by the institute on PITA for tax professionals in Lagos.
Jonathan, had on June 14, 2011, signed the PITA Bill into law. Jegede, represented by Mr Adesina Adedayo, Treasurer of the institute, said that the appeal was necessary in view of the issues confronting the administration of tax system in Nigeria.
He listed some of the issues to include the commencement date of PITA and its effect on the consolidated salaries, among others.
The CITN president said that the new PITA would create a responsive tax system that would enable the government to administer tax efficiently and effectively.
He said it became imperative that tax payers should embrace the amendment without much criticism in view of the harsh economic reality