ENaira Will Reduce Tax Evasion, Says CITN

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The President, Chartered Institute of Taxation of Nigeria, Mr Adesina Adedayo, has said the introduction of eNaira into the Nigerian economy is expected to reduce incidences of tax evasion.

Adedayo spoke during a webinar organised by the CITN, with the theme, ‘Understanding digital currency operation: The eNaira project’.

“With the implementation of the eNaira, it is expected that ultimately, tax evasion will be minimal as it seeks to ensure the traceability of tax assets and enforces transparency in the taxation system, thereby increasing government revenue,” he said.

Describing the CITN as a knowledge-based institute, he said the essence of the programme was to continually enlighten and educating the public and stakeholders via activities geared towards contributing to national development, and to update its members on emerging tax policy and related issues.

According to him, the functionality of the eNaira, a digital currency issued and regulated by the Central Bank of Nigeria, delivers speedy, safe, simple trading and transactional opportunities to customers and end-users.

The Coordinating Dean, CITN, Taxation Faculties, Dr Mark Abani, said the institute deemed it necessary to continue to sensitise its members and the general public to the fundamentals of adopting the eNaira in their transactional activities.

According to Abani, it is expected that eNaira will add $29bn to the Gross Domestic Product of the nation over the next decade.

He noted that the government had expressed the optimism that the adoption of the eNaira would deepen financial inclusion and commerce in the country.

He recalled that the CBN had said that the use of the eNaira would aim at cross-border trade facilitation, financial inclusion, monetary policy effectiveness, improved payment efficiency, and revenue tax collection, among others.

– Punch

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