Ilorin: The President of the Chartered Institute of Taxation of Nigeria (CITN), Mr. Innocent Ohagwa, has stated that the new tax reform will benefit small and medium-sized business owners, rather than burden them. Ohagwa made this statement during the Investiture of the 7th Chairman of CITN Ilorin and District Society, as well as the inauguration of the Executive Committee.

According to News Agency of Nigeria, Ohagwa highlighted that businesses with turnovers up to 100 million or assets of 250 million would be exempt from paying taxes under the new law. However, these businesses must file returns to verify their compliance. He emphasized that obtaining a tax identification is crucial for transitioning beyond the exemption threshold.

Ohagwa expressed confidence in the reform, describing it as the best tax reform he has encountered. He affirmed that CITN would continue advocating through its district societies and associated bodies.

The newly appointed Chairman, Mr. Taofiq Alabi, pledged collaboration with stakeholders to educate the public on the reform. He announced plans to work with the state government and business communities, including the Kwara Chamber of Commerce, to dispel misinformation and bring awareness to grassroots levels.

Guest Speaker Mr. Chimenka Nzeribe stressed the need for tax harmonization, warning that multiple taxation deters investors and negatively impacts the economy. Dr. Hauwa Nuru, Kwara Commissioner for Finance, urged the new executives to prioritize professional development and transparent tax policies.

Mr. Yakub Aduagba, Chairman of the Investiture Planning Committee, celebrated the event as a testament to intelligence and professionalism. He praised the district’s role in promoting tax awareness and education. The immediate past chairman, Dr. Abdulhakeem Shuaib, encouraged the new executives to focus on educating the public about the yet-to-be-implemented tax law.