CG Yankuba Darbo made this assertion yesterday on the ninth WAUTI Worldwide Tax Convention held on the Kairaba Seaside Resort in Senegambia. The occasion was formally opened by the minister of Finance and Financial Affairs Hon. Seedy Keita on behalf of the Gambian chief President Adama Barrow.
In delivering his keynote handle to delegates on the august convention, CG Darboe mentioned: “A well-designed tax system can promote financial prosperity and enhance the well-being of the citizenry and put nations on a path to financial prosperity.”
The convention introduced collectively topnotch delegates from member nations in West Africa and past to debate the all-important theme of ‘rethinking taxation for human growth and financial prosperity’.
The GRA main gentle additional informed the convention delegates and contributors:
“As everyone knows, taxation is an important element of any functioning society. It gives the mandatory funds for presidency to put money into public items and providers, resembling schooling, well being care, infrastructure amongst quite a few others.
“Nonetheless, whereas taxation serves a vital operate, it is usually true that the best way by which we tax can have important impacts on our societies. For instance, a tax system that’s overly burdensome or unfair can maintain again development and have an effect on human growth. Alternatively, a well-designed tax system can promote financial prosperity and enhance the well-being of the citizenry and put nations on a path to financial prosperity.”
“It is because of this that I want to commend WAUTI for selecting a theme for this convention that isn’t simply apt, in gentle of prevailing circumstances, but additionally very thought-provoking.”
CG Darbo mentioned that The Gambia, for instance, has seen a big improve in budgetary allocations to essential sectors of the financial system resembling agriculture, healthcare, schooling, and infrastructural growth.
“A significant infrastructure mission that involves thoughts is the Banjul Rehabilitation Venture, which was absolutely funded with tax income.” He mentioned, including that governments throughout Africa have gotten extra conscious of the wants of their residents who’re longing for financial prosperity.
He additionally mentioned that by 2050, the African youth inhabitants will represent about 20% of the worldwide youth inhabitants. “Right now, greater than 60% of Africa’s inhabitants is below the age of 25, with 70% of sub-Saharan Africa below the age of 30. This might be a blessing or a curse. It might be a blessing if the African continent is ready to stimulate the financial system to provide this youthful inhabitants the correct financial atmosphere to thrive and prosper, and like China, uplift a big variety of them out of poverty,” he defined.
In his welcoming remarks, Lamin Jatta, the chairman of WAUTI, mentioned that in trendy states, taxation is important to fund public items and providers.
“It’s in truth a civic obligation of the citizen however with the caveat that the taxes so collected will likely be used for financial prosperity,” he mentioned, including: “The obligation of the state in the direction of its residents have moved from the mere safety of lives and properties to the supply of employment and social welfare advantages. It’s subsequently time to re-think not simply the best way we tax and what we tax but additionally how the tax is distributed.”
Talking on the occasion, the WAUTI President Mr Salifou Dieye welcomed the delegate on behalf of the Governing council and member-bodies of the West African Union of tax institutes (WAUTI).
He mentioned: “I thanks most profoundly in your attendance at this occasion which has develop into an annual affair offering a platform for tax professionals, officers within the income authorities officers concerned in authorities coverage formulation, lecturers, legislators and growth companions to debate modern and topical fiscal and tax problems with native and international significance.”
The worldwide tax convention, organized by the West African Union of Tax Institutes, (WAUTI), is a chance to convey collectively taxation skilled throughout West Africa to debate modern points in taxation throughout the continent. The West African Union of Tax Institutes (WAUTI) is an umbrella organisation established by the Chartered Institute of Taxation of Nigeria (CITN) and the Chartered Institute of Taxation of Ghana (CITG) with the target of creating and selling the taxation occupation in West Africa.