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At the just concluded third edition of the National Tax Conference, experts in taxation advocated for the introduction of a luxury tax system as a way of generating revenue in the country.

The conference which was held on Tuesday at Pholax Hotel and Suites, Anthony Village, Lagos was organised by the Founder and Managing Partner Okwudili Ijezie & Co (Chartered Accountants), Chief Blakey Ijezie with the theme: Wealth Taxation in Nigeria: A Veritable Tool for Sustainable Development.”

The experts affirmed that if luxury tax is implemented into the system, there will be redistribution of wealth and extravagance spending will be curbed.

In his lecture on the "Pros and Cons of Wealth Taxation in Nigeria”, a Public Finance expert and Sustainable Development Economist, Dr Tunji Adeniyi, observed that Nigeria struggles to raise revenue due to her increase in budget deficit to GDP.

Adeniyi gave the advantages of wealth taxation to include fairness and equality by considering taxpayers economic status and ability to pay tax, means of meeting revenue targets and eliminating and reducing budget deficits and the consequences of taking money from those who do not really need it.

The Economist gave disadvantages of wealth taxation to include tax evasion, reduction of productivity, national income and growth, scares wealthy individuals out of the country and hinders foreign investments and dampens socio economic motivation.

Dr Adeniyi called for an efficient collection of existing taxes and responsible spending.

Presenting his lecture on "Oil and Gas Taxation, Petroleum Industry Act and the Rest of Us," Lead Partner at Zera Advisory and Consulting, Engr Joe Nwakwue, described wealth taxation as tax on the individuals net worth or net wealth.

Nwakwue, gave drivers for decline in tax revenue as declining output levels occasioned by gross under-investment and escalating unit cost.

He opined that there should be reform and simplifying current tax codes to ensure compliance, ease of administration and progressivity.

In his keynote speech, the convener of the conference, Chief Blakey Okwudili Ijezie, maintained that there was no alternative to wealth creation.

Chief Ijezie said that the essence of the tax conference was to get people sensitised about tax matters.

Making his speech during the event, the Chairman of the occasion, Chief Emeka Aneke, while commenting on the aptness of the theme of the conference, opined that it would help bridge the gap between the rich and the poor.

Chief Aneke stressed that citizens should be sensitized on the importance of paying tax.

Giving his remarks, the Senior Special Assistant and Liaison Officer, Anambra State Liaison Office, Leo Chiegboka Esq, called for more citizens to be captured in the tax net.

Chiegboka Esq, emphasised the need for citizens domiciled outside their home States to contribute a portion of their income to their States of origin to accelerate the development of homeland of citizens.

In his lecture entitled Wealth Tax, Inequity and Course Correction”, a Public Affairs Analyst, Pastor Felix Jarikre, reaffirmed that it is the responsibility of a citizen to pay tax.