The Chartered Institute of Taxation of Nigeria has disclosed that the introduction of eNaira into the Nigerian economy will reduce tax evasion.
The President, Mr Adesina Adedayo, disclosed this while speaking during a webinar organised by the CITN, with the theme, ‘Understanding digital currency operation: The eNaira project.’
He 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.
What they are saying
Adesina said, ”With the implementation of the 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.”
According to him, the eNaira, a digital currency issued and regulated by the Central Bank of Nigeria, provides consumers and end-users with quick, safe, and simple trading and transactional opportunities.
Dr 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 stated that the government is optimistic that the introduction of the eNaira will increase financial inclusion and trade in Nigeria.