Fidelity bank banner NewsExpress advert
FG restates commitment to combating illicit financial flows

By News Express on 28/07/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 683

•Acting President Yemi Osinbajo
•Acting President Yemi Osinbajo

The Special Adviser to the President on Economic Matters, Mr Yemi Dipeolu says the Federal Government is committed to combating illicit financial flows in the country.

Dipeolu made the assertion in an interview with the News Agency of Nigeria (NAN) on the sidelines of the High Level Technical Consultation on Public Tax and Fiscal Transparency Rules Forum on Thursday in Abuja.

He said the government was making efforts to combat this menace through some of the schemes it had put in place.

“We have the Voluntary Asset and Income Declaration Scheme (VAIDS) where people who have not been paying taxes as they should over the years have been given opportunity to do so.

“I think they have been given the grace till March 2018 to make good on their taxes without paying penalties.

“So, this is a direct response to the kind of issues raised around illicit financial flows.” Dipeolu said.

VAIDS encourages voluntary disclosure of previously undisclosed assets and income for the purpose of payment of all outstanding tax liabilities.

The scheme also offers a limited waiver for declaration within the specified period of time.

On Panama papers, Dipeolu said they reflected that there had been hiding places for resources, but government was now ensuring that such occurrence was averted in future.

The Panama Papers are unprecedented leak of 11.5 million files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca.

The records were obtained from an anonymous source by the German newspaper, Süddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists.

The documents showed the myriad ways in which the rich can exploit secretive offshore tax regimes.

Twelve national leaders are among 143 politicians, their families and close associates from around the world, known to have been using offshore tax havens.

Dipeolu said: “The Panama papers reflects that they are hiding places, but with things like the automatic exchange of information for tax purposes, it will be hard to hide resources.”

On ways of avoiding illicit financial flows in the country, he said it was important to ensure the full return or value of every barrel of oil exported out of the country.

“We can ensure that our foreign exchange is not taken out through over declaration of import or under declaration of export.

“So, there is a variety of ways we can make sure that everybody, who does business in this country, pays the amount of tax that is commensurate to the scale of business they are doing in the country,” Dipeolu said.

Mr Edward Kallon, United Nations Development Programme (UNDP) Resident Representative in Nigeria, said the forum would aid the UNDP in enhancing support to member countries on basic development frameworks to combat illicit financial flows.

“As you can see, the magnitude are very huge, the resource demands on implementing SDGs are also huge.

“So, we need basically to stamp out illicit financial flows to enable government start financing the implementation of the SDGs.

“So, it is an important forum for us, we are looking to the recommendations of this workshop and also the prescriptions on the way forward.

“We are also using it to build partnership with other colleagues that are here to see how we can jointly work together to help countries develop its frameworks.” (NAN)

Source News Express

Posted 28/07/2017 12:25:57 AM


Share on facebook Yahoo mail icon Gmail icon Share on Google+



REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...


You may also like...
CONGO: 2 new Ebola deaths recorded; 7 new...

Police foils kidnap of Indian national in Lagos,...

Okorocha blasts Imo economic group, says members do...

Abia Guber Battle: Alex Oti loses to Ikpeazu...

Kentebe meets Shell, Statoil, Oando and GE to...

Cameroon and Nigeria troops turn the heat on...

El-Rufai reshuffles cabinet, appoints 2 new commissioners

Nigeria @ 55: Okowa urges unity, collective efforts...

APC is broke, says Chairman

Reject APC candidates during rerun elections, Rivers PDP...

Anambra launches digital mobile satellite in yet another...

Buhari in Lagos for Bola Tinubu Birthday Colloquium...


Latest News BREAKING: Real Madrid beat Liverpool in 2018 Champions League final EFCC begins probe of Obasanjo's $16bn power projects 30th May will witness a total lock-down of South East, South South - IPOB Police Recruitment: JAMB screens 37,000 candidates in 156 CBT centres Armed bandits kill community leader in Benue JOHESU appeals court judgement ordering it to suspend strike Anti-graft fight: We need support, not condemnation — FG If you use your powers negatively, posterity will haunt you - Jonathan tells Buhari Military confirms fire incident at Conoil fields in Bayelsa MeCAM laments effects of wanton killings on Nigerian children, tasks FG IDPs rape report: Stop living in denial, HURIWA tells FG 2018 African Brand Congress to hold in Nigeria


Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (346,017 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (342,961 views) Shameless Genevieve Nnaji exposes breasts in public (274,135 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (225,388 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (205,633 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (203,465 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (177,499 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (159,776 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (150,670 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (144,024 views) Lagos plane crash: Journalist releases victims’ names (140,415 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (132,812 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (43) Business & Economy (3,163) Business Verdict (43) Columnists (858) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (498) Features (598) Global Business Monitor (275) International (1,974) Interview (149) Live Commentary (28) Love Matters (120) News (35,633) Opinion (973) Pidgin (10) Politics (5,079) Religion (747) Sports (1,519) Stock Watch (29) AMA & Al Jazeera Global Update


CBN banner

Firstmobile banner




Boko Haram commanders surrender


APO Group Partner




REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera