The Managing Partner, Queens Attorney, Barrister Kayode Akinsola, speaking at the event said that problems of tax collection in Nigeria are poor record keeping, corruption, poor remuneration of tax collectors, lack of infrastructure to detect tax evaders.
Penpushing further reports that, Akinsola who spoke on the theme, “Taxation in Nigeria: The People and The Government” added that, unnecessary political intervention has also been described as the problem of tax collection in Nigeria.
He said, “Taxes are also said to be the most resourceful means of funding governance in Nigeria and beyond, together with effective and efficient utilization of the revenue collected from Nigerians will aid adequate infrastructure and basic amenities”
The business lawyer also said that taxes are made to be paid because they are compulsory to the law; the State and Federal Government are the implementers of tax laws.
“Although taxes are considered as legal requirements, paying taxes is also considered a civic duty. If you neglect to pay, the regulatory body that oversees the administration of tax system will require you to do so, otherwise you might face penalties such as large fines or jail time’.
“In 2015, the Federal Government of Nigeria generated over N3.7trn through the FIRS. This could come from several sources such as personal income tax, payroll tax, tariffs and many more.The Government requires these funds for the development of the country, betterment of the society as a whole, and other non-developmental but essential obligations to the citizens of the country”
Penpushing also reports that, the Abeokuta based lawyer, however justified that characteristics of a good tax system must be rational, fair, unbiased and even non-discriminatory in nature and practice.
“A fair tax system should contained good qualities and attributes that distinguish it from bias and lack of credibility” he added.
The new Chairman, Oluwaseun Adejoke Olajube in her acceptance speech, said her investiture as the 7th Chairman has prepared her for the task ahead, with projects that are planned to embark upon within the 2019-2021 executive year. She also appreciated the support of everyone who has made the day a reality.
Penpushing further reports that the National President/Chairman of Council, Dame Gladys Olajumoke Simplice in her remarks, urged the new Chairman to work with her executives to move the District Society forward.
“I urge the Chairman to work with its executives and members to move the district society forward. At the national level, we would keep sensitizing Nigerians on the importance of paying their taxes and we would continue to advocate for transparency and accountability in the use of taxes in the different level of government”
Penpushing reports that,qwards of honour were also presented to; National President, of the Council, Dame Gladys Olajumoke Simplice, Chairman of the Occasion, Builder Adilu Fabina, Guest speaker, Barrister. Kayode Akinsola, and Chairman, Internal Revenue Service, Mr Kunle Adeosun represented by Alhaji Dipo Sotande.
Meanwhile, among dignitaries present at the investiture were; President and Chairman of Council of the Institute , Dame Gladys Olajumoke Simplice, Chairmen of Lagos, Oyo, Edo of the Institute, General Manager, Ogun State Television, Bashorun Festus Kehinde.