Pro-Chancellor, Igbenidion University, Okada, Prof. Sheikh Abdullah has stated that the issue of revenue distribution in the country will contentious as a result of the inadequacy.
He said their was need to increase the revenue base of the country, through various means.
Prof Abdullah stated this at Inaugural Joint Council meeting/seminar of Association of National Accountants of Nigeria (ANAN) and Chartered Institute of Taxation of Nigeria (CITN) in Abuja.
Prof Abdullah had in his paper with the topic ‘’Intergovernmental Relations and Politics of Revenue Allocation” looked at the basic intergovernmental fiscal relations issues which tends to arise within aggregate public sector of a federal nation and some of the controversies surrounding the division of fiscal power and revenue allocation between the federating levels in a federation amongst other issues.
Speaking on the topic ‘’The Value of Partnership in developing the Profession’’ ACCA’s Country Director, Mr Tom Isibor examined an overview of the Nigerian Tax System and addressed possible areas of Accounting measurement interferences.
The Seminar is the first of its kind between these two leading Professional Bodies since their statutory recognitions in Nigeria.
The paper presenters at the seminar were drawn from private sector and academia and were persons with the relevant expertise and experience in their relevant topics.
The theme “Taxation in Nigeria: Narrowing Accounting Measurement Interference” (NAMI) was developed around the Seminar topics titled as follows Intergovernmental Relations and Politics of Revenue Allocation and the Value of Partnership in developing the Profession.
In an interview, the President and Chairman of Council, ANAN, Prof. Mohammad Mainoma, said the meeting looked at how the country can increase it’s revenue base.
He said the issue of taxation is very critical in the life of any country.
He pointed out that there is correlation between education and poverty.
Prof Mainoma pointed out that there is a correlation between education and poverty.
The level of education of an economy affects the proficiency of that economy, he said.
He therefore advocated a strong collective effort to grow the two professions.
Also, the President and Chairman of Council, CITN, Dame Gladys Olajumoke Simplice said the meeting is to cement the relationship between ANAN and CITN. She said that accounting and taxation are complimentary.
She said one must have basic idea of accounting before you know taxation.
The former member representing MalumFashi/Kafur Federal Constituency in the House of Representatives, Hon. Ibrahim Babangida noted that the National Assembly is taking the issue of taxation and revenue very important.
A communique released at the end of the meeting stressed need to address the unending controversies and conflicts over the issue of revenue allocation to the different tiers of government.
The imbalance in sharing of revenue to the tiers of government dominated by the Federal government be addressed
-The Principle of revenue sharing should be in tune with the fiscal federalism
-Revenue sharing should be geared towards less developed areas from where the resources are derived.
-The Seminar requires that government should make the entire process of tax administration transparent and fair with proper accountability.
-The issue of multiple taxation should be seriously addressed in order to streamline multiple channels of tax administration in Nigeria
-The two Professional bodies should take a leading position in championing the transformation of tax administration in Nigeria.
-Professional Accountants and Tax Practitioners are expected to familiarize themselves with the relevant International Education Standards (IES)
-The joint Seminar call on the Legislature and the Executive to enact new laws and amend the existing tax laws that will ensure clear and transparent treatment of tax issues arising from the adoption of IFRS
-The joint Seminar aligns with the Financial Management System Improvement Initiative in public Sector, such as performance – based budgeting and reward system
-Way out on joint Training Progrmmes and Certification. Identified Programme such Forensic and Tax Intelligence
-Training to be hosted jointly by ANAN and CITN and joint Certification of same.
-Joint Advocacy and Advice to Government on National Issue
-To identify topical national issues to jointly advise government on Such issues may include but not limited to Revenue, Budgeting, Taxation
-Establishment of Tax Cadres in the Civil Service
To develop an advocacy paper for presentation to the government on the need to establish Tax Cadres in the Civil Service of the Federation.