Ahead of enforcement of the new tax laws next year, the Federal Government is rallying all key agencies in building a united front to address tax-related crimes and cross-border financial misconducts. The onboard agencies include the Central Bank of Nigeria (CBN), Nigeria Customs Service, Nigerian Intelligence Financial Unit, Corporate Affairs CommisMTEF : Senate approves $21.5bn external borrowing plan sion (CAC), FIRS and EFCC.
The government is intensifying effort to combat Illicit Financial Flows (IFFs), a critical issue it says has been undermining its development efforts and weakening Nigeria’s economic sovereignty. Minister of State for Finance , Dr. Doris Uzoka – Anite, confirmed the position on Tuesday in Abuja at the national conference on illicit financial flow organized by the Federal Inland Revenue Service (FIRS).
It was themed: “Combating Illicit Financial Flows: Strengthening Nigeria’s Domestic Resource Mobilisation”. Renewed push to tackle illicit financial flow menace comes with a disclosure that a whopping $18 billion is lost annually to IFFs due to profit shifting and aggressive tax avoidance practices by some multinational corporations transacting business in Nigeria. The Minister said: “Indeed, the fight against IFFs cannot be left to one institution alone.
It requires a whole-of-government and whole-of-society approach. We must strengthen inter-agency collaboration, enhance data sharing, harmonize policies, and ensure real time tracking of financial flows. “Internationally, Nigeria continues to demonstrate leadership at the continental and global level in the fight against IFFs.
We remain active in the African Union High-Level Panel on IFFs and are committed to the principles of the Addis Tax Initiative and aligned with global transparency standards including OECD BEPS (Base Erosion and Profit Sharing) and UNODC (United Nations Office on Drugs and Crime) frameworks.
“Our collaboration with UNECA, UNCTAD, and GIABA is helping us develop evidencebased solutions while building institutional capacity across our fiscal and regulatory landscape. More importantly, we remain committed to the on going effort at the UN General Assembly towards adopting a multilateral tax treaty therefore we pledge our renewed commitment to this process in which we are represented by the FIRS. This government will continue to give FIRS all the support it requires in this regard.” Whe said the conference theme spoke directly to one of the most urgent challenges facing Nigeria today: the need to protect and retain the wealth generated within our borders.
