NewsExpress advert Yudala 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: 460

•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

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
We’re set for 2015 Kogi and Bayelsa governorship...

Nigerians refuse to leave South Sudan despite deadly...

Weatherman says rain showers likely today but not...

APC spokesman accuses Supreme Court of corruption

Osogbo professionals felicitate with Ajibade, Okunade on emergence...

Retired Colonel bags 7 years imprisonment for fraud...

BREAKING: PDP extends Markafi’s tenure

Group drags Dino Melaye before EFCC, seeks investigation...

Agbo dissolves Igbo-Etiti Council (Enugu) revenue collection agents,...

Former Olympic medallist berates Nigerian athletes

Abia to get new 1,080 MW power plant...

Why Buhari can’t renominate Magu as EFCC Chairman:...

 

Latest News UN staff serve strike notice Tinubu fingered in alleged plot to kill APC Troops nab herdsman with bullet-proof vest FG confirms 110 Dapchi schoolgirls missing, steps up rescue efforts FRSC rescues pregnant woman from suspected kidnappers China’s ruling party plots constitution change, 3rd term for Presidency Xi Jinping Corruption index: Nigeria’s poor ranking a wake-up call for Buhari administration — SERAP Boko Haram attacks Madagali (Adamawa) 35 times in 10 months •Kills 27, destroys over 100 houses Muslim scholars urge ‘uprising’ over US’ Jerusalem embassy move 297,000 vulnerable households get FG’s stipends in 20 states Army postpones 77 Regular Recruitment — Spokesman Jesus’s burial site shut in protest

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (327,165 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (319,392 views) Shameless Genevieve Nnaji exposes breasts in public (255,900 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (209,915 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (195,274 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (188,450 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (164,122 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (147,470 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (140,866 views) Lagos plane crash: Journalist releases victims’ names (130,191 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (128,893 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (123,651 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (34) Business (2,912) Business Verdict (34) Columnists (806) Complaints & Requests (94) Enterprise & Opportunities (203) Entertainment (447) Features (549) Global Business Monitor (226) International (1,809) Interviews (143) Live Commentary (28) Love Matters (106) News (33,120) Opinion (885) Pidgin (10) Politics (4,525) Religion (687) Sports (1,442) Stock Watch (28) AMA & Al Jazeera Global Update

 

 

Football president George Weah puts Liberian army to the test

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement