Abdullateef Olasubomi Abdul and Miracle Eme have been declared the winners of the 2021 Young Lawyers Forum, Lagos Essay Competition.
The essay topic: “Revenue Generation Through Taxation and Investment Attraction Through Tax Incentives; In Search of a Balance.”
In his essay, Mr. Abdullateef Olasubomi Abdul declares:
“Taxation is the most dependable revenue source for governments. Governments in developing countries are however faced with the dilemma of encouraging investments, especially FDI, through tax incentives (which erodes or reduces tax revenues), whilst at the same time generating revenue through taxation.
This paper (a) points out the significance of taxation to revenue generation and economic growth and the lack of evidence supporting the effectiveness of tax incentives in attracting investments, and (b) so recommends that reliance on tax incentives as a tool of investment attraction be reduced and focus should instead be directed at simplifying the tax system, creating favourable tax regime and investment climate, and enhancing the efficiency of tax administration in Nigeria.
This paper therefore advocates that the National Tax Policy and Nigerian tax laws be reformed accordingly.”
According to Agbada S. Agbada, Chairman of the YLF, Lagos:
“After a painstaking assessment process, the Panel of Assessors comprising Mr. Chinyereugo Ugoji, a Partner at Aelex, Mr. Okanga Okanga LLM, a PhD candidate at the Schulich School of Law, Dalhousie University, with specialization in tax, and Mr. Kenechukwu Uzodimma LLM, Senior Advisor, Ernst & Young, London, adjudged Abdulateef the winner, and Miracle, the runner-up of the Competition.
To forestall any bias, interference or influence that could undermine the credibility of the assessment, the Assessors conducted a blind assessment and did not know the identities or contact details of the authors. In the same vein, the identities of the Assessors were equally veiled from participants in the Competition throughout the assessment process.
Abdullateef and Miracle Eme will receive cash prizes of ₦200,000 and ₦150,000 respectively.
On behalf of the Executive Committee of YLF, Lagos, I congratulate Abdulateef and Miracle Eme, and thank the sponsor of the the Competition, Mr. Etigwe Uwa, SAN and the Assessors.”
