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Nigeria hunts down 700 000 companies over tax evasion

23 September 2016, 10:14

Lagos - Nigeria says it has hunted down 700,000 firms that have never paid taxes in a bid to seek new revenue sources to offset low oil prices that have pushed Africa’s biggest economy into its first recession in more than 20 years.

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Tunde Fowler, said that he also expected 10 million individuals to be discovered by December and made to pay taxes for the first time, ThisDay reports.

Nigeria economy is currently suffering as crude production, which provides 70 percent of government revenues, has been hit by militant attacks that have blown up many pipelines.

Also read: FIRS after airlines, others for owing tax

“We collected a little over 2.3 trillion, so far – from January to 31 August. It is almost at par with last year but take into consideration that the economy is going through a little slowdown,” said Fowler.

The government, struggling to fund a record 6.06 trillion naira ($18.6 billion) 2016 budget that aims to stimulate growth by tripling capital expenditure, set FIRS a target of raising 4.95 trillion naira in taxes, up from 3.73 trillion last year.

Read more at ThisDay.

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- News24 Nigeria


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