Arrangements have reached advanced stage towards the hosting of a national tax conference in Nigeria by October.
The Conference slated to hold on October 10 in Lagos, Nigeria would be chaired by Kenneth Odusanya, the Managing Partner, Kenneth Odusanya & Co. (Chartered Accountants). It would provide a platform for economic experts across the country to consult and work together towards addressing the tax challenges of the country.
According to the press release by the host, Chief Blakey Ijezie, made available to Century Post, the conference is premised upon the current bold tax reform plan by President Bola Tinubu’s administration geared to almost double tax-to-GDP ratio in three years, from 10.8% to 18%.
The tax reform plans which came in the heels of two other reform agenda of the President – the removal of fuel subsidy and restrictions on foreign exchange trading has made it a subject of expert deliberation.
The organizers observed that Nigeria currently has one of the lowest tax collection rates in the world at approximately 10.8 percent of Gross Domestic Product (GDP).
It identified high prevalence of tax evasion, poor accountability in the use of tax revenue, Fragmented and complex tax system and multiple taxes and revenue collection agencies as some of the factors responsible for low tax collection.
Recall that a tax reform Committee headed by Taiwo Oyedele has been set up with the mandate to transform the tax system to support sustainable development and achieve a minimum of 18 percent tax-to-GDP ratio within the next 3 years without stifling investment or economic growth.
Broadly, the Committee’s role are expected to create the leeway towards achieving a minimum of 18% of the Tax-to-GDP ratioin in 3 years, improving Nigeria’s Revenue profile, harmonization of taxes as well as transforming the tax System. All these are expected to feature at the conference
The outcome is expected to prescribe ways to enhance revenue efficiency, ensure transparent reporting, and promote the effective utilization of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture and drive voluntary compliance.
The theme for the conference has been chosen as “Nigeria Tax Reform: Challenges and Prospects. It has as it’s Chief host and Keynote speaker, Blakey Ijezie, a renowned chartered Accountant and Managing Partner, Okwudili Ijezie & Co. (Chartered Accountants).
Guest speakers expected at the conference are Bisi Sanda, Professor Friday Ndubuisi, Dr. Tunji Adeniyi and Pastor Felix Jarikre, among others.
