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Nigeria has lost N5.4 trillion to tax evasion by multinationals. This is according to the Federal Inland Revenue Service (FIRS).
The FIRS chairman, Muhammad Nami who disclosed this on Monday while speaking at a workshop in Abuja explained that the revenue was lost between 2007 and 2017.
While commending some multinational corporations for leading in tax compliance in various sectors, Nami was bothered that many rich multinational corporations did not pay the right taxes due to them, let alone pay their taxes voluntarily.
To solve this problem, The FIRS boss said Revenue Service has created 35 additional tax audit units across the country to address the problem of illicit financial flow and improve tax compliance.
“At the FIRS we are paying greater attention to tax audit in general and transfer pricing audit in particular in order to improve the level of tax compliance in the country,” a statement by Abdullahi Ahmad, director of the FIRS communications and liason department, quoted Nami to have said.
“As a result, in the last one year, we have created more than 35 additional tax audit units and deployed experienced and capable staff to take charge of these offices.”
According to a 2014 report by the High-Level Panel on Illicit Financial Flows from Africa, Nigeria accounted for 30.5 percent of money lost by the continent through illicit financial flows.
COVID-19 in Nigeria is now reaching a critical level where hospitals will no longer be able to cope with serious cases. The Nigeria Centre for Disease Control (NCDC) has said. […]
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