12 Jan FIRS creates new audit units against illicit financial flow
Federal Inland Revenue Service (FIRS) says it has created 35 additional tax audit units to stem the tide of illicit financial flow out of Nigeria.
Executive chairman of the agency, Muhammad Nami, said in Abuja on Monday that it will also improve tax compliance rate.
He expressed worry that “many rich multinational corporations do not pay the right taxes due from them, let alone pay their taxes voluntarily.”
A statement from Director, Communications Abdullahi Ismaila Ahmad of FIRS, also reported Nami to nonetheless observe that some of them were “leading in tax compliance in various sectors.”
He charged stakeholders to evolve “a novel methodology that would be used to uncover illicit financial flows” and “provide an overview of related policy options for enhancing tax revenue collection in general.”
According to him, between 2007 and 2017 Nigeria was “reported to have lost over US$178 billion (about N5.4 trillion at today’s rate) through tax evasion by multinationals” doing business in the country.”
He also cited a 2014 report by the High-Level Panel on Illicit Financial Flows from Africa, which stated that “Nigeria accounted for 30.5% of the money lost by the continent through illicit financial flows.”
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