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CITN: eNaira will reduce tax evasion

CITN: eNaira will reduce tax evasion
November 18
14:53 2021

The Chartered Institute of Taxation of Nigeria (CITN) says the introduction of eNaira into the Nigerian economy is expected to reduce incidences of tax evasion.

Adesina Adedayo, president of CITN, said this while speaking on the theme ‘Understanding digital currency operation: The eNaira project.’ during a webinar organised by the institute.

Adedayo explained that the program’s goal was to constantly enlighten and educate the public and stakeholders through activities that contribute to national development, as well as to keep its members up to date on evolving tax policy and associated concerns.

“With the implementation of 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,” Adedayo said

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According to him, eNaira, a digital currency issued and regulated by the Central Bank of Nigeria, will provide consumers and end-users with quick, safe, and simple trading and transactional opportunities.

Mark Abani, coordinating dean, CITN taxation faculties, said the institute felt it was important to continue to educate its members and the general public on the principles of using the eNaira in their transactions.

He noted that it is expected that eNaira will add $29 billion to the gross domestic product of the nation over the next decade.

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Two days, IMF said eNaira will increase financial inclusion and facilitate remittances in the country — but potential risks will need to be addressed.

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