The Charted Institute of Taxation of Nigeria, Ikeja and District Society, has urged governments to imbibe and display the culture of accountability and transparency in administration and utilisation of tax income.
In a statement, titled ‘Low taxation culture in Nigeria: CITN tasks governments on accountability’ on Monday, the tax body said corruption was responsible for the low income from tax in the country.
The Chairman, CITN, Ikeja and District Society, Mr Funso Abidakun, said this at the 2021 annual tax lecture in Ikeja, Lagos.
The statement said the event with the theme, ‘The effects and implications of the new finance Act 2020 on the Nigerian economy’, was organised annually to enlighten the tax-paying public of their obligations.
It said the lecture was delivered by a financial expert, Mr Taiwo Oyedele, who is a fiscal policy partner and Africa tax leader.
Participants at the event included tax practitioners, tax administrators and members of the public, according to the statement.
Speaking at the event, Abidakun made reference to a recent research by the Nigerian Economic Summit Group, which revealed that more than 81 per cent of taxable Nigerians did not pay their income taxes as and when due.