Ciodn urges businesses to treat tax as core fiduciary issue

The Chartered Institute of Directors Nigeria (CIoDN) has urged businesses to treat tax matters as a core fiduciary issue. This call comes amid ongoing discussions on taxation's role in governance and business operations.

According to a statement highlighted on THISDAYLIVE, the Chartered Institute of Directors Nigeria (CIoDN) is calling on businesses to regard tax compliance as a fundamental fiduciary responsibility. The institute, which represents corporate leaders, emphasizes that proper tax handling is essential for sustainable business practices. No further details on the specific reasons or additional context were provided in the available snippet, though the page also features unrelated headlines such as community criticism of Governor Soludo over a chieftaincy title and the National Insurance Commission's development of a mortality rate table in partnership with UNDP. This urging underscores the growing importance of fiscal duties in Nigeria's business environment amid economic challenges.

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Illustration of Nigeria's tax law controversy: CITN demands verification, Senator Ndume calls for suspension, Lagos Governor defends reforms.
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CITN demands verification as calls intensify to suspend Nigeria's disputed tax laws

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Building on earlier policy critiques, the Chartered Institute of Taxation of Nigeria (CITN) has called for urgent verification of new tax laws amid discrepancies, while Senator Ali Ndume urges suspension of the January rollout and Lagos Governor defends the reforms.

Taiwo Oyedele, chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has emphasized the importance of reforming tax administration at the sub-national level to drive Nigeria's economic growth.

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A leading accounting firm has identified 31 critical flaws in Nigeria's newly altered tax laws, prompting calls to halt their implementation. Opposition figure Peter Obi has echoed this demand, highlighting the need for public consultation amid economic hardships. The opinion piece argues that without trust and clear benefits, the reforms risk alienating citizens.

The Federal Government of Nigeria has reaffirmed its commitment to implementing key tax reform laws starting January 1, 2026, despite ongoing procedural reviews by the National Assembly. Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, stated that preparations are on track following a briefing with President Bola Tinubu. The reforms aim to ease the tax burden on most Nigerians while promoting economic growth.

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Ethiopia's federal government is preparing to formalize taxation on digital content creators operating online. It targets those earning at least 100,000 birr annually from platforms. Draft regulations from the Finance Ministry require registration, tax identification numbers, and receipt issuance for all earnings.

Nigeria's Federal Government plans to utilize the Extractive Industries Transparency Initiative (EITI) as a key tool for reforms, aiming to exceed the standard compliance checklist.

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Addis Abeba's Tax Appeal Commission faces growing pressure from a backlog of unresolved tax appeal decisions, leaving businesses in limbo. The report, penned by Surafel Mulugeta, sheds light on the challenges arising from these delays. This situation underscores ongoing administrative hurdles in Ethiopia's tax system.

 

 

 

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