Professor of Taxation and a law lecturer at the University of Lagos, Abiola Sanni has reiterated the need for more enlightenment about taxation in Nigeria as tax represents the next major source of revenue for government.
He stated this during his speech at an event hosted and organised by the The Tax Club, Obafemi Awolowo University (OAU), tagged “Tax 180: The Expo”, which held in OAU on the 10th of November, 2017.
Also in attendance were Adewale Ajayi, Tax Partner, KPMG, Yomi Olugbenro, West Africa Tax Leader, Deloitte, Bicci Alli, Chairman, Osun State Internal Revenue Service (OIRS), representatives of Ernst & Young, Olaniwun Ajayi and Taxaide.
The event feautured two project presentation anchored by students of OAU. The first project which was presentesd by Ms Zainab Abdulai and Mr Tayo Fabusiwa was on the topic: ‘Presumptive Tax: A Roadmap to Nigeria’s Tax Development’. This was then followed by a syndicated session on the same topic spearheaded by Wale Ajayi.
Chairman of the OISR commended the presenters and noted that presumptive tax was indeed crucial to enhanced revenue generation for government and that his office was taking steps to implement the policy in Osun.
The second project was on ‘Taxation of Digital Companies: Facebook and Uber’, which was presented by Mr Akintunde Agunbiade, Ms Oreniyi Adesewa and Mr Emmanuel Faith. The presentation was similarly followed by a syndicate session chaired by Mr Yomi Olugbenro.
Mr Olugbenro commended the presenters for their efforts and remarked that “Digital is the new rule of business”. He also called on the legislature to redefine the fixed base concept in Nigerian tax laws as they are obsolete and not in tune with contemporary realities.
The event similarly featured enlightening debates on the topics: ‘Taxation of Illegal Transactions: A veritable source of Income’, ‘Tax Holiday for Pioneer Companies’ and ‘Tax and Technology: A stitch in time or a leap in the dark’.
Professor Abiola Sanni, in his closing remarks commended the OAU branch of the club for a job well done and urged the government to begin to partner with more student bodies for tax development in Nigeria.