The President of the Chartered Institute of Taxation of Nigeria (CITN), Mr Innocent Ohagwa, says the new tax law will help poor Nigerians and not make life hard for them.
He said this at the investiture of the 7th Chairman of CITN Ilorin and District Society and other new executive members.
Mr Ohagwa tasked Nigerians, particularly low-income earners, not be afraid of the new tax laws because it would benefit them, especially small business owners.
“If you have a small company that is operating up to N100 million turnover or N250 million assets, you will be exempted from payment of tax.
“But you will be required also to file returns because there is no way the relevant authorities will know that you are in that ratio if you don’t file your returns.
“This obligation is that being exempted from tax is not an exemption from having a tax identification number; it is the tax ID that will enable you to migrate when you leave that threshold.
“For me as an expert, this is the best tax reform I have ever seen in my life,” Mr Ohagwa declared.
The CITN president reiterated that the institute would continue its advocacy role through the district societies and different bodies under the institute.
On his part, the new chairman, Mr Taofiq Alabi, promised to collaborate with relevant stakeholders. The collaboration, he said, would be to sensitise, educate, and correct the public on misinformation about the new tax law.
“In terms of sensitisation, we are going to collaborate with the state government and the business people. We will be meeting with the Kwara Chamber of Commerce, Industry, Mines and Agriculture and some other key people to explain this new reform.
“This is because most people at the grassroots do not know what the new reform entails; they are just being fed with lies. So, we need to bring the education to the grassroots, and we can only do this through those associations, and by meeting with market women,” he said.
In her remarks, the Commissioner for Finance in Kwara State, Mrs Hauwa Nuru, said the emergence of the new executives was a call to higher service, charging them to build on the foundation laid by the predecessors.
“I want to encourage you to prioritise the initiative by fostering continuous professional development and advocating clear and transparent tax policies. You should also establish partnerships with the government and private institutions to enhance tax compliance and revenue generation in the state,” she said.