Lagos- The President of the Chartered Institute of Nigeria (CITN), Mr Anthony Dike, on Sunday called for synergy between tax institutes and government to combat double taxation in the country.
Making the call in an interview with the News Agency of Nigeria (NAN) in Lagos, the CITN president said that the existence of double taxation was retarding rapid industrial growth in the region.
“Especially now that the country’s benchmark of crude oil is dwindling, we should encourage diversification and industrial growth.
“Multiple taxes will discourage diversification and industrial expansion that could profound solutions to the nation’s economic problems,’’ he said.
According to Dike, a good tax system should be targeted at consumption and not at investment.
“Whether consumptions or investments, none should be double taxed”.
He stressed the need for the nation to focus on consumption to enable government generate enough Internally Generated Revenues (IGSs) for the development of the key sectors of the economy.
“I am more worried at the illegal extortion of block industry through taxation.
He added that the development was hampering the growth of the block making business and encouraging quackery.
“This issue of multiple taxation has chain effects, it is indirectly pushing entrepreneurs out of the business.’’
According to Dike, more worrisome is that some of the officers who go about collecting these taxes do not have a permanent office.
He, however, urged the Federal Government to continue to work hard to arrest the anomaly to improve the country’s investment climate.
“No nation or government, that wishes to bring development to its people and become a respected voice in the international community, will ignore these critical issues,’’ said the CITN boss. (NAN)