Nigeria loses over $40 billion annually from non-repatriation of tax revenues collected from companies and businesses owned by Nigerians overseas.
An expert in tax revenue, Orji Philip Orji who made this known while addressing Journalists in Abuja added that the trend will continue until Nigeria is integrated into the Organisation for Economic Cooperation and Development, OECD.
The laws guiding OECD allows for the repatriation of 70% of taxes collected from Corporations owned by international citizens to their home countries. Nigeria has not been a beneficiary of this law.
Orji says a bill to establish the Independent Revenue Inspectorate Agency of Nigeria which has passed second reading in the 10th National Assembly is imperative for the country to partake in international tax collection.
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Highlighting the need for requisite Information Technology system for best tax practice, Orji said the Inspectorate will guarantee accuracy in domestic revenue administration’s compliance to global best practice on taxation.
When operational, the Inspectorate is expected to also ensure efficiency and effectiveness in the country’s tax administration system, detect and deter tax fraud, waste and abuse as well as protect tax payers rights.
(Editor: Terverr Tyav)