Oil slump: Taxation is Nigeria’s Future, Says LIRS Boss

The Executive Chairman, Lagos State Internal Revenue Service, Mr. Olufolarin Ogunsanwo, says taxation is the future of Nigeria following the drop in oil prices.

He made the declaration in a keynote address at a symposium on taxation organised by the Lagos chapter of the Society of Women in Taxation, an arm of the Chartered Institute of Taxation of Nigeria.

The forum was tagged, ‘Tax education/career development for secondary school students in Lagos State.’

Ogunsanwo said, “Many states in Nigeria can no longer pay salaries as a result of over dependence on oil; It is therefore not out of place to say taxation is the future of Nigeria.”

According to the LIRS boss, a tax is an imposition by the government on individuals, corporations, goods and service which no direct benefits is derived but for the benefit of all.

He added that for any tax to be valid, it must be backed up by law.

The President, CITN, Dr. Teju Somorin, while presenting a paper titled: Choosing taxation as a profession’, said the first step in becoming a tax professional was to study a course in taxation.

She said, “The CITN is ensuring that taxation is studied in higher institutions at the levels of Ordinary National Diploma, Higher National Diploma and Bachelor of Science.

 “There is a curriculum for both the OND and the HND programmes at the polytechnic. This curriculum was adopted by the National Board for Technical Education and you can also have a second degree in taxation.”

According to Somorin, prospective candidates can also become a member of the institute through professional examinations organised by the CITN, adding that “irrespective of the professional background, you can register to take the examination from the foundation level and you will qualify to be a professional in taxation.”

Meanwhile, the Executive Chairperson, Society for Women in Taxation, Lagos Chapter, Mrs. Dena-Rose Ajayi, explained that the objective of the symposium was to educate the youths, saying “as the tax leaders of tomorrow they need to imbibe the tax culture early in life.

Ajayi said she believed the participating students could imbibe the culture of taxation from the symposium.