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Nigeria gets data on assets of wealthy citizens from the UK, others
Will the government go after wealthy tax defaulters?
Minister of Finance, Mrs Kemi Adeosun disclosed this on Friday, February 2, 2017, in Abuja. She said the government is satisfied with the level of disclosure of by these data.
“The data received in Nigeria with regard to overseas assets held by Nigerians has been impressive and will underpin a long-term improvement in the nation’s tax to Gross Domestic Product (GDP) ration. This will, in turn, improve life for the masses,” Adeosun said.
“The data on bank accounts, property and trusts, which has come automatically from a number of countries are being used to support the by allowing the tax authorities to check the accuracy of declarations received.”
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Nigeria has entered into the Automatic Exchange of Tax Information (AETI) agreement in January 2018. According to this agreement, signatory countries are to share information about owners of assets and properties in their countries with one another.
On the next step by the government, Mrs Kemi Adeosun said the government will be using the information to drive the tax improvement program. Hence, she advised tax defaulters to take advantage of the VAIDS before expiration onMarch 31, 2018.
“The federal government is also using the data to generate ‘nudge’ letters which are being sent to those identified as being potential tax defaulters.
“The offshore tax shelter system is basically over. Those who have hidden money overseas are being exposed and while Nigerians can legally keep their money anywhere in the world.
“They must first pay any taxes due to the Nigerian government so that we can fund the needs of the masses and create jobs and wealth for our people.
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“The needs of our people for development override any other argument against payment of tax,” Adeosun said.
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