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

By Mathias Okwe, Abuja on 03/02/2018

Views: 894

•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

 


 

CLASSIFIED ADS

 

You may also like...
Anybody born in the 21st Century has no...

Rescue of 82 Chibok schoolgirls, proof of FG’s...

Boko Haram: 830,000 Nigerians in danger of starving...

Aregbesola advocates restructuring of the Nigeria Police

FG faults Moody’s downgrade, says economy on the...

Buratai inaugurates projects executed by Army Engineers

I won’t go to court if I lose...

Wife of Boko Haram’s chief physician surrenders to...

PDP national chairmanship aspirants sign peace accord

OPEC Oct. output surges to 33.54m Bpd

EFCC arraigns 4 for $1 million fraud

2 docked over visa scam

 

Latest News European Union writes Buhari on Nigeria’s democracy Adeleke’s Victory: Any hope for Atiku at Presidential Election Tribunal? Ogoni Ethnic Nationality declares Amaechi, Emma Deeyah, Victor Giadom, George Feyii, Greg Nwidam, Eric Nwibani, others, persona-non-grata Kano Guber War: APC slams PDP El-Rufai reveals what will happen to those who voted against him during Kaduna governorship election Boko Haram: I slept in tents to inspire my people to return — Emir The martyrs of Rivers polls 103 make First Class in Open University APC planning to arrest our leaders in Bauchi — PDP End of the road for ISIS terrorists Boko Haram: Chad fires Military Chief over death of 23 soldiers Group hails court order on arrest of top APC politicians in Bayelsa, insists no election in Brass, Nembe

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (461,437 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (410,697 views) Shameless Genevieve Nnaji exposes breasts in public (346,728 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (297,527 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (261,802 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (236,648 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (222,784 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (204,484 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (192,856 views) 10 cars more expensive than Jets (177,993 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (177,020 views) Lagos plane crash: Journalist releases victims’ names (175,904 views)

 

NLNG call for entries

CBN banner

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (81) Business & Economy (4,097) Business Verdict (60) Columnists (1,008) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (598) Features (725) Global Business Monitor (327) ICT Monitor (27) International (3,209) Interview (174) Live Commentary (28) Love Matters (153) Maggie's Blog (194) News (44,155) Opinion (1,206) Pidgin (17) Politics (10,327) Religion (962) Sports (1,927) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera