NEW CITN BOSS COMMITTED TO WORKING CLOSELY WITH PHCCIMA AGAINST MULTIIPLE TAXATIONS
The newly elected President of The Chartered Institute of Taxation of Nigeria (CITN), Mr. Mark Anthony Chidolue Dike has said his administration is poised to join forces with the Port Harcourt chamber of commerce and other members of the organized private sector to ensure it eradicates the painful trend of multiple taxations in the state.
Mr. Dike who made this declaration during a courtesy visit to the chamber said multiple taxations are nuisance tax which CITN intends to expunge from the system. He said the body will continue to make relentless effort at also ensuring that government is bound by the enabling laws which stipulates that only tax on net profits must be remitted to government to ensure that businesses thrive.
The CITN helmsman disclosed that in developed economies like America, Britain and others, 35% of the net profits are what is required to be paid as taxes but however regretted the situation in the country where multiple or what he referred to as nuisance taxes rear its ugly head due to the activities of unaccredited tax agents. He pointed out that the Chartered Institute of Taxation of Nigeria (CITN) is a professional organization whose members are certified as qualified tax practitioners or administrators, and advised that legitimate tax professionals must be consulted at all times if we intend to pay the right taxes. He stressed that CITN will continue to sensitize the people on the need to pay legitimate taxes pledging his organization's resolve to have a close and mutually beneficial relation with PHCCIMA.
In his remark PHCCIMA President, Engr. Emeka Unachukwu represented by the second Deputy President, Dr. Emi Membre Otaji said the issue of taxation problems in the state has continue to pose serious problems not just for PHCCIMA and its member companies but to the generality of the people. “Honestly the cost of doing business in the state is increasingly on the rise following some of these anomalies', he said. Otaji noted that PHCCIMA was a member of a committee set up by the state government to harmonize existing taxes in the state and observed as worrisome a shocking revelation that over 200 different kinds of taxes are paid to local, state and federal government in the state. He lamented that this has heavily affected businesses negatively even as he expressed confidence on the input of PHCCIMA and other stakeholders in the committee to address and clarify the various taxi regimes in the state. This he said is however attainable if the Rivers state House of Assembly ratifies the report of the committee.
The PHCCIMA third in command assured the delegation of PHCCIMA's support, saying, “my brand new CITN president, I want to appreciate you for choosing to undertake your first official visit after election to the chamber, we feel highly honoured. Let me once more assure you that PHCCIMA will collaborate with your organization in our quest to chart this course on enlightening the people and more especially the fight against multiple and nuisance taxes in the state” he averred.