The Chartered Institute of Taxation of Nigeria has berated firms and government agencies for tax default.

During the annual general meeting of the institute, the outgone CITN President, Ikemefuna Ede, who presided over the meeting, expressed concern over an audit report indicting the National Assembly and some government agencies over tax default.

Ede said, “Of momentous concern to the institute was the revelation from an audit report by Auditor-General of the Federation submitted to the National Assembly in 2018 that the Presidency; both chambers of the National Assembly; the Economic and Financial Crimes Commission; and over 100 other ministries, departments and agencies defaulted in remitting various taxes including VAT and withholding taxes deducted from their contractors and PAYE of their member of staff.”

He said the development was “worrisome” and contradicted government efforts in enforcing compliance from individuals and corporate organisations as it was not showing good example in its compliance processes.

Ede, however, expressed satisfaction at the financial position of the organisation.

The Treasurer, Chartered Institute of Taxation of Nigeria, Samuel Agbetuyi, presented the 2018 financial position at the meeting.

The finances showed that the professional tax body grew its total income by 43 per cent from N399m in 2017 to N570m in 2018.

The breakdown showed that the organisation recorded 62 per cent increase in membership fees from N167.361m to N270.6m, while self-financing programmes had an increase of 40 per cent from N172.95m to N242.566m between 2017 and 2018 respectively.

In the year under review, however, it experienced dip in the money market especially on treasury bills and fixed deposit, resulting in “significant fall in the investment income representing 33 per cent decrease.”

The total expenditures for the year under review showed the organisation incurred 28 per cent increase over 2017.