Corporate entities: ICPC drags 2,000 firms into tax net

The Chairman, Independent Corrupt Practices and Other Related Offences Commission (ICPC), Professor Bolaji Owasanoye (SAN), on Tuesday, said about 2,000 corporate entities have been dragged into the country’s tax net by the commission.

Professor Owasanoye revealed this while speaking with newsmen at the end of a capacity building for ICPC investigators on Investigating Illicit Financial Flows (IFFs), held at the ICPC headquarters in Abuja.

He further revealed that the corporate entities were uncovered by the investigations undertaken by the commission and their names have been forwarded to the Federal Inland Revenue Service (FIRS) for profiling.

According to him: “Some of these entities are not registered and do not pay tax while others are registered but still do not pay tax. The ICPC has been able to recover a significant amount in taxes for the government.”

Earlier in his welcome remarks, the ICPC chairman had explained that the capacity building programme would help investigators to track illicit financial flows, money laundering and other areas the government was losing revenue and recover such funds.

ICPC boss said: “The loss of revenue is a major challenge to developing countries, particularly Nigeria. The meeting is, therefore, designed to build the capacity of our investigators to enable them to trace the areas in which the government is losing money, look for the likely places people hide money, stop the illicit financial flows, and recover the funds.”

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Corporate entities: ICPC drags 2,000 firms into tax net