By Elizabeth Osayande

President of the Chartered Institute of Taxation of Nigeria, CITN, Mr. Adesina Adedayo, has explained why tax administration in the country will have to change in the face of current economic realities.

Adedayo, who spoke to Vanguard after a presidential chat/press briefing ahead of CITN’s annual tax conference billed to hold next week in Abuja, said Nigerians cannot choose to remain backward as far as taxation is concerned.

When asked about the benefit of the annual conference, Adedayo said it was to help tax professionals key into the changes occurring in the economy and in the business world, especially after the COVID-19 pandemic.

He added that businesses and even worship centers were now mostly happening in virtual environments, and Nigerians must now begin to have the conversation around seeing beyond physical offices when it comes to taxation.

“The benefit of the conference like I said earlier, is to let Nigerians realise that we cannot live the way that we are living yesterday. We have a situation where as at today, economic model has changed, business model has also changed. What we have is that, when business and economic model changes, tax administration and practice must equally change,” said Adedayo.

“There is no way you can be talking about waiting for people to have a physical office before you tax them. Because that virtual office is now getting so economically viable than even some physical stores. So in such a situation, we need to start asking questions.

“It’s a global disruption. We are disrupted, let’s not doubt it. Even when it comes to religious services now, we have virtual attendance. So it is clear that we do not need physical interactions anymore in order to make money, so with that at the back of our minds, we need to start having a discussion around it. We need to start having a narrative as to how do we start doing business going forward.”

The annual tax conference tagged ‘Global Disruption, Taxation and Digitalisation: Implications for Socio-Economic Development’ will hold between Tuesday, May 17 and Friday, May 20 at the International Conference Centre in Abuja, the Federal Capital Territory.

The conference is a paid one, and participants can join in physically or virtually. For the 2022 conference, physical participation was highly reduced, according to the President, because of logistics cost.

The presidential chat/press conference also had both physical and virtual participation as the Council members were present physically while a host of professionals who are members of the institute, connected via zoom technology.

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