The Chartered Institute of Taxation of Nigeria (CITN), on Thursday, inducted 560 new members to practice as certified chartered practitioners in the field of taxation.
Mr Cyril Ikemefuna, the President of CITN, said at the 40th induction ceremony of the Institute in Lagos that the exercise was in compliance with the mandates and Acts of the Institute.
He said it was also a mechanism to grow the tax administration system of the country.
According to him, the induction signifies commitment on the part of the inductees to become ambassadors of the profession at all times.
He, therefore, urged the inductees to uphold the principles and integrity of the profession in their service to the society.
Ikemefuna said the inductees should contribute their quota to the move toward ensuring effective and efficient tax administration system in Nigeria.
The CITN president said the tax system needs to be improved upon.
He assured of commitment of the Institute to providing the necessary support to ensure smooth operation of the newly inducted members.
“The induction programme provides the opportunity to formally certify tax professionals who have met the requirements to practice as chartered tax administrators.
“As a chartered tax professional, avail yourself with opportunities of seminars and workshops to constantly be updated with new developments and methodologies in the profession.”
Ikemefuna listed some of the Institute’s recommendations that could be adopted to address identified issues in the 2019 Federal Government Budget.
According to him, there is potential for government to increase productivity by investing in education with emphasis on quality and quantity, as a way of driving the 2019 budget.
He said that as a matter of urgency, the government should push for the passage of the Petroleum Government Bill into law, which, as it stands, could potentially release N5 trillion of badly needed investment into the economy.
Mr Gabriel Fasoto, Past President of CITN, said that tax administrators should maintain professionalism in the course of discharging their mandates.
Fasoto, also a Special Guest of Honour at the ceremony, said that a tax professional must display honesty, humility and commitment when dealing with clients.
“I enjoin you to go out there and up the scale of taxation practice and administration in Nigeria and globally.
“Taxation practice is not “settlements”. You need to equip yourself technically: be up to date in tax laws, tax jurisprudence as well as global tax practice. You are to be more driven by expanding the frontier of tax knowledge rather than only the pecuniary interest,” he said.
Meanwhile, a staff of the Federal Inland Revenue Service (FIRS) Miss Oluwatobi Jennifer, bagged four awards during the induction ceremony.
Jennifer won awards as ‘Best Overall Graduating Student, Best Overall Graduating female Student, Best Student in Practical Cases and Best Student in Tax Management.
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