By JONATHAN NDA- ISAIAH |
President Muhammadu Buhari yesterday in Abuja, directed the Federal Inland Revenue Services (FIRS) and related government agencies to plug all revenue leakages by ensuring strict compliance with tax payments by foreign companies operating in Nigeria, urging the deployment of more digital platforms and seamless connections.
Speaking virtually, at the first national tax dialogue held at the conference hall of the State House, the president in a statement issued by his spokesman, Femi Adesina ordered all government agencies to automate operations and ensure more synergy in advancing the interest of the nation in revenue generation.
LEADERSHIP recalls that FIRS had said that Nigeria lost about N5.4 trillion between 2007 and 2017 through tax evasion by multinational companies in Nigeria.
Executive chairman, Muhammad Nami stated that between 2007 and 2017, Nigeria was reported to have lost over US$178 billion or about N5.4 trillion at today’s rate, through tax evasion by multinationals doing business in the country.
Speaking yesterday, President Buhari said, “It is not enough that our citizens and local businesses pay their fair share of taxes. Equally, foreign businesses must also not be allowed to continue to exploit our markets and economy without paying appropriate taxes.
Accordingly, the FIRS has my mandate to speedily put all measures in place to fully implement programmes to stamp out Base Erosion and Profit Shifting in all their ramifications and generally automate its tax processes.