ICAN, FIRS, Joint Minds discuss role of taxation in sustainable

ICAN, FIRS, Joint Minds discuss role of taxation in sustainable

Thousands of accountants met on Tuesday to discuss how the Finance Act 2021 could better benefit Nigerians and strengthen the government’s capacity to serve the people more by using taxation to achieve sustainable development.

Speaking on the theme ‘Finance Act 2021: Fiscal Imperatives and Sustainable Development’ at a webinar organized by Joint Minds International (JMI) , the Guest of Honour and President of the Institute of Chartered Accountants of Nigeria (ICAN), Mrs. Comfort Olujumoke Eyitayo, the Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami; the Chairman, Lagos State Internal Revenue Service, Mr. Ayo Subair, the Chief Host, and and Chairman, JMI Council, Mr. Tobi Abiola, and other top professionals in the finance sector, highlighted how technology has improved Nigeria’s tax administration system, as they dwelled extensively on the merits and demerits of the Finance Act 2021 which President Muhammadu Buhari had signed into law, together with the 2022 Appropriation Bill.

The discussants looked at different parts of the Finance Act which amended 13 laws and had a series of amendment substitutions and deletions covering 39 sections. They also looked at the implication for taxpayers, administrators, and all citizens, while presenting feasible strategies to leverage the act in taking Nigeria out of the economic woods.

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Prof. Godwin Emmanuel Oyedokun (Guest Speaker), Mr. Albert Folorunsho, Managing Consultant, Pedabo Nigeria, and Mr. Yemi Sanni, Principal Partner, Yemi Sanni & Co, harped on the essential principles of the Finance Act 2021, and canvassed taxation as an elixir for Nigeria’s economic woes, during the sessions moderated by the Group Head, Strategic Tax and Compliance at Dangote Industries Limited, Dr. Titilayo Fowokan.

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