By Omolabake Fasogbon
Tax professionals throughout West Africa underneath the aegis of the West African Union of Tax Institutes (WAUTI), not too long ago got here collectively to debate the best way ahead for Africa’s financial system given the challenges caused by the COVID-19.
On the WAUTI seventh Worldwide Tax Convention held in Lagos, the tax specialists weighed the affect of COVID-19 and accompanying developments on companies and arrived at options to assist restoration of economies within the area.
Talking in the course of the convention collectively held with the Chartered Institute of Taxation of Nigeria (CITN), President of WAUTI, Olajumoke Simplice, maintained that for Africa to achieve its set vacation spot, it should be able to look inward.
Simplice who was spoke on the theme of the convention: “Designing and implementing tax measures for the COVID-19 period and past,’ additionally burdened the necessity for Africa to reshape its mindset and develop its values past infrastructural improvement.
She mentioned, “Africa is an rising financial system in addition to the financial system of the brand new century that we’re shifting into. Subsequently, it’s excessive time that we regarded inward as a area. We should always emerge to develop our strengths, most particularly our assets and regulate to dwelling with out Aids.
“The submit COVID-19 period packs numerous advantages however how will we faucet into these advantages? At this juncture, we have to utilise our youths positively; the youths are stressed they need to study a brand new factor, we additionally want to regulate to the brand new regular particularly within the space of know-how.”
She added: “In our subsequent dialogue, we will even be how member nations can work with ACFTA to their benefit. As an example, in Nigeria, we will be addressing our fears on ACFTA and the way these fears could be allayed. On the finish, we’ll ship our communique to the federal government which we imagine they may act on.”
The tax boss additionally recognized the necessity for tax directors to coach their employees in step with the rising space of taxation.
She mentioned, “Taxation is an rising subject so it can be crucial that staff must be educated to regulate to the on a regular basis modifications in taxation. As an example, tax administration goes web, which by implication means one can sits within the consolation of 1’s workplace and pay one’s tax.”
Earlier at a media briefing, the Chairman of WAUTI suppose thank of tax specialists and PwC Companion, Taiwo Oyedele, reiterated the goals of WAUTI.