With the evolution of the e-Naira wallets, the Chartered Institute of Taxation of Nigeria (CITN) has said there is a need for synergy between the Federal and State Inland Revenue Services and the Central Bank of Nigeria (CBN) to deal with a tax audit and investigation implications.
The institute said the need was necessary following the perspective of the e-Naira design and architecture.
Fellow of CITN, O. J. Samuel in his presentation on ‘Nature and Implications of Digital Currency and e-Naira for Taxation’, at a business luncheon by the institute, said the FIRS and every SIRS will need to work with the CBN on the possibility of deploying an Application Programme Interface (API).
The API, he mentioned, uses the Bank Verification Number (BVN) and Taxpayer Identification Number (TIN) of taxpayers to extract the e-Naira wallet transactions log for relevant periods.
Earlier in his opening remarks, President, CITN, Adesina Adedayo, who noted that the tax system is the veritable means of growing and developing the economy globally, said the programme was instituted by the body to deliberate, interact and discuss issues centred on taxation and other national issues.
He said the objectives of the programme were to review government policy decisions and their potential impact on the economy and the tax system and to provide a feedback mechanism for policymakers and the government.
He added that it will bring to the fore issues in tax administration that impact the ease of paying taxes and doing business as well as citizens’ expectations from the government and its agencies for effective service delivery.
