How eNaira Will Reduce Tax Evasion

eNaira emergence has been followed with so many descriptions and expectations to the level that the Chartered Institute of Taxation of Nigeria, CITN, re strongly nurturing the notion that it could reduce tax evasion cases.

The President of the Institute, Adesina Adedayo, hinted while harping on the theme ‘Understanding digital currency operation: The electronic currency project.’ at a live online session put together CITN.

Adedayo demonstrated that the program’s goal was to continually inform and instruct the people and stakeholders over activities that provide to national development and keep its members up to date on developing tax policy and associated concerns.

eNaira Enables Transparency, Traceability- CITN President

“With the implementation of eNaira, it is expected that ultimately, tax evasion will be minimal as it seeks to ensure the traceability of tax assets and enforces transparency in the taxation system, thereby increasing government revenue,” Adedayo said.

He pointed out that the possibility of tracking every payment made by a company or firm without the tax collector diverting the collections is higher.

The expert further explained that the launch was a welcomed development, adding that it would help Nigeria’s economy perform even better.

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