The Federal
Government is missing about N3 trillion revenue from about 2000 high profile
property and lands in the Federal Capital Territory (FCT) registered by
corporate organisations.
The
revelation, which was a fallout of audit of assets in the FCT, showed that
individuals, corporates and multinationals are culpable, is also an evidence
for the renewed crack down on multinationals in the country, which lead the tax
avoidance and evasion record.
However, the
Federal Government renewed its vow to sustain reforms in the nation’s tax laws,
as part of efforts to bring multinational companies to compliance, especially
to relevant tax obligations.
The Vice
President, Prof. Yemi Osinbajo, while declaring open the 2018 yearly tax
conference of the Chartered Institute of Taxation of Nigeria (CITN), in Abuja,
yesterday, disclosed that the administration’s renewed campaign on tax has
brought more than five million new taxpayers into the system, making it about
19 million.
Noting that
taxation has never been welcome with open hands anywhere in the world, he said
that Nigeria got to this pitiable point with advent of petrodollars and
military rule, which introduced the idea of free and non transparency in public
finance.
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He recalled
that tax has been instrumental to the free education of the Western region
under the Late Obafemi Awolowo, urging Nigerians to pay tax and hold the
government accountable for their monies.
Osinbajo
noted that the Treasury Single Account has continued to benefit the country, as
revenues worth N4 billion monthly, would have continued to enter into private
channels, depriving government of the needed fund.
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