—As he receives Fellowship award of Taxation Institute
Senator Solomon Adeola (APC, Lagos West), the chairman of the Senate Committee on Finance has promised to always support legislations that will take care of lessening tax burden on the masses as well as fledgling business organisations.
The senator made the pledge in his office while receiving the award of a Fellow of the Chartered Institute of Taxation of Nigeria(FCITN) earlier bestowed on him but uncollected due to the restriction of COVID-19 pandemic. The presentation was done by Alhaji Balogun Sulaiman Kolawole, a Fellow of the Taxation Institute.
“I have been a practicing accountant and tax consultant for many years. And as a lawmaker of almost two decades at state and federal levels, I have brought my professional training to bear on issues of accountancy, accountability and taxation. I always weigh in favour of progressive taxation that lessen the burden on the low income earners as well as policies and practices that make administration of tax assessment and collection less cumbersome” he stated.
Senator Adeola said he played a prominent role of midwifing the innovative and unprecedented move of having yearly Finance Acts since 2019 to streamline and bring revenue laws up to date, stimulating the economy as well as provide funding for yearly appropriation acts.
“In the second ever Finance Act 2020, many provisions are included that are targeted at benefitting the masses like the zero tax for those earning minimum wages and below, no taxes for certain companies with low turnover, Value Added Tax exemptions for agriculture equipment and others as well as reduced taxes for companies to take cognizance of the COVID-19 disruptions” he stated.
The chairman of Senate Committee on Finance commended the Council of the institute led by Dame Olajumoke Ayinke Simplice for maintaining standards and best practices in the 1982 established institution that was chartered by Act No.76 of 1992.