By Chijioke Nelson
Nigeria’s campaign against tax evasion, especially by Multinational Companies (MNCs) operating in the country, was taken to the Platform for Collaboration on Tax (PCT) conference in New York, United States, which ended on Sunday.To show the seriousness of the trend, the Minister of Finance, Mrs. Kemi Adeosun, who made the complaint, called for the designation of tax malpractice by the MNCs across developing countries as “foreign corrupt practices.”
PCT is an initiative of the Organisation for Economic Cooperation and Development (OECD), World Bank Group, International Monetary Fund (IMF) and the United Nations.Reports have quoted Vice President Yemi Osinbajo and Information and Culture Minister, Lai Mohammed, as estimating the country’s loss to multinationals’ tax evasion and avoidance at $1trillion over a period of time.
Osinbajo, at the end of the Federal Executive Council (FEC) meeting in June last year, said Nigeria lost about $178 billion to illicit financial flows in the last 10 years. The loss was also a result of tax avoidance by multinationals through tax-related treaties on profit shifting.
Already, the ongoing Voluntary Assets and Income Declaration Scheme (VAIDS) has been projected to generate about $1 billion, being taxes evaded by individuals, corporates and multinationals in the country.Read full story.
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