Emmanuel OchayiThe Chartered Institute of Taxation of Nigeria (CITN) has underscored the importance of raising awareness and advocacy for effective implementation of bilateral treaties between the United Kingdom (UK) and Nigeria, especially those pertaining to double taxation agreements.
Speaking at the inauguration of the United Kingdom and district society, alongside the investiture ceremony of its pioneer chairman, Peter Makinde, CITN President Samuel Agbeluyi stated, “The district society holds the key to unlocking the benefits and expectations of the frameworks for businesses and tax authorities operating in both jurisdictions.”
Agbeluyi went on to explain that these district societies were established to provide a formal platform for members to collectively organize and make an impact at both sub-national and international levels.
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He further emphasized the society’s role in knowledge sharing on initiatives like the OECD beneficial ownership and the common reporting standard, which facilitate the automatic exchange of information between tax administrations.
Moreover, Agbeluyi announced that the institute’s council would be closely evaluating the performance of the UK and district society.
The assessment will focus on the society’s contributions to issues affecting tax and fiscal policy in Nigeria, drawing from its experiences in the UK and other jurisdictions while effectively engaging with stakeholders in the tax and fiscal policy landscape of the UK.
Addressing the newly elected chairman and his executives, Agbeluyi congratulated them for earning the confidence of members and urged them to work diligently and selflessly to establish the district society as a point of reference among other district societies in the shortest possible time.
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