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‘Without urgent socio-economic responses, global suffering will escalate’

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'Without urgent socio-economic responses, global suffering will escalate'

The President of Chartered Institute of Taxation of Nigeria (CITN), Dame Gladys Olajumoke Simplice, has warned that without urgent socio-economic responses, global suffering will escalate, jeopardising lives and livelihoods for years to come.

She explained that at the local scene, the negative effects of the Pandemic are glaring including the inability of taxpayers to fulfil their tax obligations as and when due.

Speaking at the 42nd induction ceremony of CITN, which held for the first time virtually due to coronavirus pandemic, the President stated that the outbreak of Corona Virus has severely affected the world economy to the extent that the United Nations Development Programme (UNDP) has warned that “the Pandemic is far more than a health crisis: it is affecting societies and economies at their core.

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“Without urgent socio-economic responses, global suffering will escalate, jeopardising lives and livelihoods for years to come.

“At the local scene, the negative effects of the Pandemic are glaring including the inability of taxpayers to fulfil their tax obligations as and when due.

“No wonder, the Federal Government had initiated a number of proactive measures particularly, the recent approval of the Nigeria Economic Sustainability Plan (NESP) by the Federal Executive Council.”

Simplice further charged the inductees, stating that as professionals, “we must be on top of current policies and developments in the profession to be able to enlighten our clients on reliefs available to them. This would assist them in reducing their exposures and going concern while also ensuring that they are able to fulfil their taxes obligations as and when due.”

Vanguard

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