CITN: eNaira will reduce tax evasion

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The Chartered Institute of Taxation of Nigeria (CITN) says the introduction of eNaira into the Nigerian economy should reduce the incidence of tax evasion.

Adesina Adedayo, President of CITN, said this during a speech on “Understanding how digital currency works: the eNaira project”. during a webinar organized by the institute.

Adedayo explained that the aim of the program is to constantly enlighten and educate the public and stakeholders through activities that contribute to national development, as well as to keep its members abreast of developments in tax policy. and related concerns.

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

According to him, eNaira, a digital currency issued and regulated by the Central Bank of Nigeria, will provide consumers and end users with fast, secure and easy business and transactional opportunities.

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

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

Two days, according to the IMF eNaira will increase financial inclusion and facilitate remittances within the country, but the potential risks will need to be taken into account.


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