The Tax Club of the University of Ibadan, known for its prowess in tax matters, hosted its much-anticipated Tax Watch Program 6.0 on March 2, 2024. This time, the spotlight was on the fascinating theme, “Leveraging Data Analytics for Sustainable Tax Planning.” But before delving into the program’s highlights, let’s meet some of the key players behind this remarkable event.
Meet the President: Miss Orire Agbaje
At the helm of the Tax Club is Miss Orire Agbaje, a formidable force and a 400-level Economics student at the University of Ibadan. Her dedication to the field earned her a prestigious appointment by Nigeria’s President Tinubu in 2023, where she’s serving as a member of the Presidential Committee on Fiscal Policy and Tax Reforms at the Presidential Villa in Abuja.
Distinguished Guests
The program featured distinguished members of the Chartered Institute of Taxation in Nigeria, including Barr. Samuel O. Agbeluyi, Mni FCTI, the President of CITN, and Chief Akindele Oladeji, the esteemed Grand Patron. The esteemed speaker was none other than Prof. Muritala Awodun, PhD, a distinguished Professor and Director at the Centre for Enterprise and Human Capital Development, Ojala University, Kwara State, Nigeria.
Delving into Data Analytics
Prof. Muritala Awodun kickstarted the event with an enlightening discourse on data analytics, simplifying it as the “COT CDP” approach: Collection, Organization, Transformation, Conclusions, Decisions, and Predictions. He emphasized the pivotal role of taxation in shaping economies worldwide and how data analytics is a powerful tool in this arena.
But why is Data Analytics so crucial in taxation, you ask? Well, according to Professor Muritala, taxation is the government’s secret weapon for shaping a nation’s economic destiny, and Data Analytics is its trusty sidekick.
Five Key Steps to Data Analytics
The speaker outlined five crucial steps in the data analytics process: understanding tax problems, collecting tax data, cleansing the data, exploration, and interpretation of results. These steps are pivotal in crafting effective tax strategies and fostering sustainable development.
The Path to Sustainability
To achieve sustainability through data analytics, Prof. Awodun emphasized the importance of relevant tax laws, skilled professionals, efficient processes, advanced technology, and continuous training.
Words of Wisdom from the Grand Patron
Chief Akindele Oladeji graced the stage to impart invaluable advice to the eager students, Being a tax expert is as old as time itself,” he said, “and trust me, there’s no shortage of wealth in this field!”
Engaging Panels and Discussions
As the curtains drew to a close, a dream team of financial gurus took the stage to shed light on personal finance for young professionals. Their words were like gold nuggets, with Mrs. Morenike urging everyone to start planning for retirement early, no time like the present!
Tax Hack Competition
But the real showdown came during the Tax Hack segment, where universities battled it out on the topic of implementing VAT frameworks for digital services in the international arena. The presentations were electrifying, with the University of Lagos emerging triumphant.
Final Thoughts
As the program drew to a close, attendees left inspired and enlightened, thanks to the meticulous planning and execution by the Tax Club UI executives. The event underscored the endless opportunities and excitement within the tax industry, echoing Chief Akindele Oladeji’s sentiment: “You cannot be poor being a tax man.”
Join the Movement
In a world increasingly driven by data, the importance of data analytics in taxation cannot be overstated. Aspiring tax enthusiasts are encouraged to join tax clubs in universities across Nigeria and become catalysts for change in this dynamic field. After all, as the saying goes, “We cannot have data analytics where there’s an absence of data.”
