Taxation Is The Bedrock Of Every Economy – Binaebi . . . Advocates For Sensitization, Inclusiveness
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by Oyagiri Chime-emeleA member of the Chartered Institute Of Taxation of Nigeria (CITN), Okubokeme Binaebi has described taxation as the bedrock of every economy.
Binaebi, who stated this in an interview with journalists at this year’s Chartered Institute Of Taxation of Nigeria (CITN), Yenagoa & District Society Annual Dinner/Gala Night, Friday November 25th in Yenagoa, added that the importance of taxation can not be over emphasized.
He explained that taxation being a tool for government’s budgetary and fiscal policy, is used to generate revenue to finance developmental programmes and also used to correct balance of payment in disequilibrium to balance deficit in international trade.
The Fellow, Institute of Chartered Accountants , further explained that taxation is also used to curb harmful commodities and to redistribute income in the society.
He further expatiated that taxation is used for general economic development and control in the society.
The professional accountant, tagged the event as remarkable, saying that, it ‘s first of its kind in the State.
He appealed that the CITN Yenagoa body put more efforts to reach out to other members of the institute for enhanced collaboration to ensure the growth and development of the Chartered Institute Of Taxation, Yenagoa.
He stressed that such efforts would go a long way to promote taxation and create the needed awareness among people in the society.
He further called for a proper sensitization of the formal and informal sectors, hinting that most people are not aware of what taxation is basically about, not to talk of its importance to the society.
Binaebi is also a member of the Chartered Institute of Economists, Fellow.
Further updating the public on the activities of CITN, he said; “The Chartered Institute of Taxation is regulated by an Act of the Federal Government of Nigeria in 1992 and codified by the laws of the Federation 2004.”
