Mrs. Bosede Florence Ikhanoba, the national president of the Society of Women in Taxation (SWIT), has highlighted the crucial responsibility citizens have in paying taxes.
Speaking at the SWIT National Schools debate in Abuja, Ikhanoba emphasized that tax payment is a duty individuals must fulfill. She explained that taxes are calculated based on one’s income level, with different rates applying to individuals and businesses.
SWIT, an association of women involved in tax practice and members of the Chartered Institute of Taxation of Nigeria (CITN), organized the debate to educate the public about taxation and involve young people from various schools across the country.
“It’s important to realize that everyone has a responsibility to pay taxes,” Ikhanoba stated. “Tax rates vary depending on your income, and businesses have their own specific rates to comply with. Additionally, there are treasury rates applicable to certain individuals.”
Ikhanoba stressed that tax payment isn’t the same for everyone; it depends on how much you earn. Employees pay taxes based on their salaries, ensuring that contributions align with their income.
Therefore, suggesting that people shouldn’t pay taxes due to economic challenges isn’t acceptable. Paying taxes is a civic duty that contributes to economic growth.
Government revenue from taxes finances infrastructure and other development projects, enabling citizens to hold the government accountable for meeting its obligations.”