Tax institute calls for appropriate fiscal measures
WEST African Union of Tax Institutes ( WAUTI) has called for appropriate fiscal measures that would stimulate the recovery of the sub- regional economies.
President and Chairman in Council of WAUTI, Gladys Simplice made the call at the union’s seventh International Tax Conference in Lagos. She said notwithstanding the measures put in place by countries to mitigate the impact of COVID- 19, it was important that countries have a long- term view to avoid policies and actions that would be counterproductive over time.
She said the theme of the conference, ‘ Designing and Implementing Tax Measures for the COVID- 19 Era and Beyond’, was aimed at reviewing policy initiatives in the past as well as the challenges encountered and analyse the impact of the COVID- 19.
She said: “We believe that to create the right fiscal dynamics and resilience for our countries, we must leverage shared experiences, initiatives and policies bearing in mind the peculiar socio- economic circumstances in our respective countries.”
Noting that part of the main objectives of the union is promoting discourse that would engender a better tax system, the WAUTI boss harped on effective tax measures.
In his presentation, Senior Lecturer, School of Law, University of Ghana and Managing Partner, AliNakyea & Associates, Dr. Abdallah Ali- Nakyea, said it was important for entities to optimise their tax obligation to survive and overcome challenges facing businesses.
On the need for effective tax measures COVID- 19 era, he called for an extension of deadlines for filing tax returns and waiver of penalties for those who redeem their liabilities on the agreed date. Stakeholders at the conference promised to develop a communiqué that would be shared with important regional and national organisations such as the African Union ( AU) and the Economics and Economic Community of West African States ( ECOWAS).