By Elizabeth Osayande

The President and Chairman of the Council, Chattered Institute of Taxation of Nigeria (CITN), Gladys Simplice, has harped on the need for the Federal Government to set up mechanisms to review existing treaties and enter into more treaties with other developed economies of the world.

She made this recommendation during her welcome address at the 22nd Annual Tax Conference, themed “Taxation and Economic Competitiveness: Imperatives for National Development” on Thursday in Lagos.

According to Simplice, the executive arm of government should “Set the tone from the top by making political leaders pay their fair share of taxes and ensure Ministries, Departments and Agencies account for taxes collected as part of galvanising prospective and existing taxpayers;

“Ensure government economic policies in generating revenue are matched with tax reforms that encourage growth through executive orders and sponsorship of legislative bills capable of promoting entrepreneurial development;

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“Work with Business Enabling Environment Secretariat to simplify taxes on businesses to attract foreign direct investments;

“Set up mechanisms to review existing treaties and enter into more treaties with other developed economies of the world for synergy and release of additional Avoidance of Double Taxation Treaties to improve the Nigerian economy.”

She also recommended that the National Assembly should “Enact pro-entrepreneurial laws to nurture and develop entrepreneurial initiatives for the achievement of full employment with concomitant creation of wider tax bases;

“Address the regress nature of the Value Added Tax (VAT) by including more items under the exemption list and giving clarity to existing ones while also considering progressivity in the VAT burden through the taxation of the class of luxury items on graduated rates;\

“Assist the Executive close loopholes in taxation of the digital economy through the enactment of provisions that capture this commercial sphere;

“Consider relaxing oaths of secrecy clauses, as far as possible to allow technology gain traction; and enact laws that help to make public Institutions run more efficiently without becoming a drain on the treasury.”

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