Mohammed Nami, Executive Chairman, FIRS
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, Mr Muhammad Nami, who made this known in Abuja, on Monday, said 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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“At the FIRS we are paying greater attention to a tax audit in general and Transfer Pricing audit in particular in order 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.”
He further stated that with the signing of the 2021 budget of N13.588 trillion on December 31, 2020, by President Muhammadu Buhari and given the recent decline of oil resources, “which had been the major revenue earner for the country, taxation is expected to continue to shoulder the Government’s Budget performance the way it did in 2020.
“This underscores the importance of this workshop, as a tax audit of Multinational Corporations is very crucial in Nigeria’s domestic revenue mobilisation.
FIRS creates new audit units against illicit financial flow
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