The Association of National Accountants of Nigeria has called on the Federal Government and other tiers of government to do away with multiple taxation as a way of promoting investment and economic development in the country.
A statement by the association on Wednesday quoted the President of the association, Mr. Sakirudeen Labode, as saying that an end to the system of multiple taxation had become necessary with the introduction of the new tax regime in the country.
According to Labode, multiple taxes in the country usually distract and irritate businessmen and potential investors.
He said by doing away with multiple taxes more corporate organizations and individuals would be brought into the tax net.
“Let me emphasize that apart from Pay As You Earn, any tax assessment not based on verifiable financial statement is punitive, unfair and unjust,†he said.
Labode urged governments to ensure strict adherence to necessary financial regulations and standards in both the public and private sectors.
Labode said that with the support of the association’s council, the focus of his administration would be on technical capacity building for members and the development of the Nigeria College of Accountancy, Jos, the post-graduate training arm of the association.
The new ANAN boss, who was also a former President of the Ogun State Chamber of Commerce, Industry, Mines and Agriculture, said his administration would focus on corporate governance and global best practices as well as infrastructural development.
The accountant said attention would also be given to the fulfillment of international obligation, improved corporate social responsibility and assistance to tertiary institutions and public policy advocacy.
He said the NCA would be repositioned as the most preferred centre for the training of professional accountants on the continent.
According to him, the council will be called upon to approve the teaching of French language as Nigeria is surrounded by French-speaking countries, whose citizens had always shown eagerness to benefit from the opportunities offered by the college.
The ANAN president said the ongoing talks with Ziyanda Capital JV, South Africa would be pursued, adding that some facilities at the association’s postgraduate college in Jos would be put in place under the Build, Operate and Transfer arrangement in the course of his administration.
To fulfill international obligations, Labode said the association would need to work hard to be given full membership status of the prestigious International Federation of Accountants.
Source: The Punch (By Ademola Alawiye)
