Block leakages and enhance tax collection is the new direction the Federal Government seems to be taking to shore up its revenue base. This point is driven home with the creation of 35 additional Tax Audit Units across the country to address illicit financial flow as created by the Federal Inland Revenue Service (FIRS).

This development is coming on the heels of observation recently made by the Executive Chairman, FIRS, Mr. Muhammad Nami that some multinational corporations were leading in tax compliance in various sectors stating that between 2007 and 2017 Nigeria was reported to have lost over 178 billion dollars (N5.4 trillion) through tax evasion by Multinationals doing business in the country.

Nami’s team is saying no more leakages

Taxmobile.Online gathered that Nami duly represented yesterday, Monday 11th January 2021 by Mr. Abdullahi Ahmad, Director, Communications and Liaison Department of the service cited a 2014 report by the High-Level Panel on Illicit Financial Flows from Africa, which stated that “Nigeria accounted for 30.5 percent of the money lost by the continent through illicit financial flows.”

The rest of his statement

“At the FIRS we are paying greater attention to a tax audit in general and Transfer Pricing audit in particular to improve the level of tax compliance in the country.

“As a result, in the last one year, we have created more than 35 additional Tax Audit Units and deployed experienced and capable staff to take charge of these offices”

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