Abuja - Worried by the level of tax evasion by some of the International Oil Companies (IOCs) operating in the country, President Goodluck Jonathan has ordered the Federal Inland Revenue Service (FIRS) and other government agencies to immediately recover the $7.8 billion unpaid taxes from them, reports New Telegraph
The President’s order followed the latest audit report of the Nigerian Extractive Industries Transparency Initiative (NEITI), which showed that the joint ventures (JVs) of the Nigerian National Petroleum Corporation (NNPC) and IOCs operating in the country evaded $7.8 billion in unpaid and underpaid taxes.
The unremitted taxes resulted from under-payment of taxes and rents, through under-assessment, process manipulation and poor management of agreements between the Federal Government and different companies.
Some of the IOCs are Royal Dutch Shell Plc., Eni SpA, Total SA, Exxon Mobil Corporation and Chevron Corporation.
Read more at New Telegraph
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