eNaira to reduce tax evasion, CITN says

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

Adedayo spoke during a webinar organized by CITN, on the theme “Understanding how digital currency works: the eNaira project”.

“With the implementation of eNaira, it is expected that over time, tax evasion will be minimal as it aims to ensure the traceability of tax assets and to strengthen the transparency of the tax system, thereby increasing the public revenue, ”he said.

Describing CITN as a knowledge-based institute, he said the essence of the program was to continuously enlighten and educate the public and stakeholders through activities aimed at contributing to national development, and to inform its members on emerging tax policy and related issues.

According to him, the functionality of eNaira, a digital currency issued and regulated by the Central Bank of Nigeria, provides fast, secure and simple business and transactional opportunities for customers and end users.

CITN and Tax Faculties Coordinating Dean, Dr Mark Abani, said the institute believes it is necessary to continue to educate its members and the general public on the core principles of adopting eNaira in their transactional activities.

According to Abani, eNaira is expected to add $ 29 billion to the country’s gross domestic product over the next decade.

He noted that the government had expressed optimism that adopting the eNaira would deepen financial inclusion and trade in the country.

He recalled that the CBN had stated that the use of eNaira would aim, inter alia, at facilitating cross-border trade, financial inclusion, the effectiveness of monetary policy, improving the efficiency of payments and collection of income taxes.

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