Barrister Samuel Agbeluyi, in his capacity as President of the Chartered Institute of Taxation, Nigeria (CITN), has proposed that Nigeria’s internally generated revenue (IGR) could see an upswing by tapping into the expertise of tax practitioners to assimilate young Nigerians who are legitimately engaged in remote work.
He shared these insights during an interview with journalists ahead of the 26th CITN Annual Tax Conference, scheduled to convene in Abuja from May 13th to 17th.
His proposals are particularly pertinent as Nigeria continues to confront challenges associated with low internally generated revenue (IGR), compounded by the heavy reliance of many states on federal allocations.
Agbeluyi pointed out the possibility of integrating young Nigerians working remotely into the tax system, which could contribute to the augmentation of internally generated revenue (IGR).
He said: “Nobody should call these creative, and smart young Nigerians working with foreign organisations, Yahoo.
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”Those young people are working but you need the ability and technology to bring them into the tax system.
”There are also many others doing business internationally, either as individuals or organisations, not captured into the tax system, who can also be captured.
The head of CITN also stressed the significance of the forthcoming conference, which will feature experts discussing the theme, “Sustainable Tax Culture and Economic Roadmap for Nation Building,” along with exploring additional sub-themes.
He pointed out that the conference would arm participants with the vital intellectual, health, and social capabilities required for their success.
Agbeluyi also advocated for the autonomy of state internal revenue services, highlighting that excessive taxation hampers economic growth.
“On growing the IGR, you can’t have states running to Abuja for FAAC allocation, despite contributing to it. FAAC can’t be enough. FIRS is doing well because of its autonomy.
”This is the same for states like Lagos. States can raise more IGR if they have the technical know-how,” Agbeluyi said.