FIRS announces 35 new Tax Audit Units to deal with the illicit financial flow in Nigeria

illicit financial flow

The Federal Inland Revenue Service (FIRS) disclosed the creation of 35 new Tax Audit Units to withstand illicit financial flow nationwide.

FIRS explained that the creation of the units is to improve tax compliance in the country.

This followed the Chairman’s statements at a workshop in Abuja on Monday on “Effective Audit of Multinational Corporations for Domestic Revenue Mobilisation in Nigeria.”

The FIRS 35 new Tax Audit Units will help deal with illicit financial flow

According to FIRS Chairman, Mr Muhammad Nami declared that Nigeria has lost $178 billion through tax evasion of foreign multinationals between 2007-2017.

This was disclosed by Director, Communications and Liaison Department, Mr Abdullahi Ahmad, in a statement in Abuja on Monday.

The FIRS chief pointed out that a few multinational firms were leading in tax compliance in Nigeria, he added that a lot of multinationals are not paying their fair share of tax and don’t even do it voluntarily.

The FIRS Chairman furthermore also saying Nigeria lost $178 billion ( N5.4 trillion) through tax evasion of Multinationals operating in Nigeria, referring to a 2014 report by High-Level Panel on Illicit Financial Flows from Africa, stating that Nigeria accounts for 30.5% of illicit financial flows in Africa.

The FIRS Chairman said: At the FIRS, we are paying greater attention to a tax audit in general and Transfer Pricing audit in particular 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.

Related:  Don't Hunt Girls When You Are Financially Unstable

Stop Money Worries

Get weekly updates!

Invalid email address

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top