Fidelity bank banner UBA banner
Nigeria, foreign countries share data on bank accounts, property of Nigerians

By Mathias Okwe, Abuja on 03/02/2018

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

Views: 787

•Finance Minister Kemi Adeosun
•Finance Minister Kemi Adeosun

The Nigeria government and some foreign countries, including the United Kingdom (UK), have commenced the Automatic Exchange of Tax Information (AETI), particularly on overseas assets owned by Nigerians.

Minister of Finance, Kemi Adeosun, said this yesterday in Abuja during the presentation of Progress Report on Tax Laws Reform by the Vice Chairman of the National Tax Policy Implementation Committee, Taiwo Oyedele.

The committee, set up last year, had recommended the reduction of the Small and Medium Enterprises (SMEs) Companies Income Tax rate from 20 per cent to 15 per cent.

It also reccommended the enactment of two executive orders, as part of measures to widen the country’s tax net and raise its taxes to Gross Domestic Product (GDP) from its six per cent to a higher level.

The committee was, however, silent on the country’s value added tax (VAT) rate but recommended for its law to be reviewed for ease of collection and transparency.

Adeosun expressed satisfaction with the data being supplied to the country by foreign countries under the AETI, to which the country became a party in January 2018.

“The data received in Nigeria with regard to overseas assets held by Nigerians has been impressive and will underpin a long-term improvement in the nation’s tax to GDP ration will, in turn, improve the peoples livelihoods.

“The data on bank accounts, property and trusts, which has come automatically from a number of countries is being used to support the Voluntary Assets and Income Declaration Scheme (VAIDS) by allowing the tax authorities to check the accuracy of the declarations received.

“The Federal Government is also using the data to generate ‘nudge’ letters, which are being sent to those identified, as being potential tax defaulters,” she said, while responding to questions during the submission of progress report on tax laws reform.

She disclosed that Nigeria had written to several countries to request for specific information about offshore trusts and bank accounts held by its citizens.

Adeosun advised users of offshore structures to take advantage of the VAIDS to regularise their taxes before the expiration of the Presidential Amnesty Programme.

“The offshore tax shelter system is basically over. Those who have hidden money overseas are being exposed and while Nigerians can legally keep their money anywhere in the world, they must first pay any taxes due to the government so that we can fund the needs of the masses and create jobs and wealth for our people.

“The moral argument against illicit financial flows and tax evasion and the strong international co-operation are such that every Nigerian tax payers should do the right thing. The needs of our people for development override any other argument against payment of taxes,” she stated. (The Guardian)

Source News Express

Posted 03/02/2018 11:01:23 AM

 

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


 

CLASSIFIED ADS

 

You may also like...
Today’s Weather: Expect cloudy conditions with chances of...

Mikel, Ighalo lead Super Eagles squad for Cameroon...

Man seals baby’s eyes, mouth with super glue...

BOKO HARAM SACKS VILLAGE, KILLS 50 •100 houses,...

N12.6bn fraud reported in Immigration, Prisons

FRSC announces re-opening of parts of Lagos –...

9-month-old baby dragged to court over attempted murder...

Breaking News: Keshi unveils 32 players for 2013...

Panama Papers: Leaked documents expose David Mark’s 8...

Achebe, THINGS FALL APART and the Mbaise Catholic...

Halliburton Scam: Submit yourself for investigation in America,...

Breaking News: Hoodlums invade Alade (Lagos) Shopping Mall,...

 

Latest News Escaping drug addicts drown in River Niger Boko Haram kills Army Commander, several soldiers We won’t substitute Ganduje over bribe allegation — APC •Explains source of ‘bribes’ Osun PDP members sue Adeleke over fake certificate Man charged with sex crimes involving 300 boys INEC removes names of 1,931 persons from Kaduna voters’ register Fayemi reinstates five Perm Secs sacked by Fayose, to get salary arrears Gunmen kidnap 20 students from Cameroonian school Anambra lawmakers to IGP: Caution the State Command over sealing of Assembly Complex 2019: Atiku doesn’t have second term hidden agenda — Campaign Strategist 8th Senate worst in attendance: Ndume Gov Abubakar imposes 12-hour curfew on five Bauchi communities

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (422,771 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (390,835 views) Shameless Genevieve Nnaji exposes breasts in public (323,926 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (272,640 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (244,861 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (227,824 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (209,621 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (191,155 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (176,528 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (168,918 views) Lagos plane crash: Journalist releases victims’ names (165,500 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (152,319 views)

 

Zenith Zero Balance First Bank chat banking

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (74) Business & Economy (3,803) Business Verdict (54) Columnists (964) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (568) Features (670) Global Business Monitor (311) International (2,707) Interview (167) Live Commentary (28) Love Matters (146) Maggie's Blog (38) News (40,699) Opinion (1,145) Pidgin (13) Politics (7,819) Religion (903) Sports (1,780) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera