Minister of State for Finance, Dr. Doris Anite-Uzoma. (Credit: Meta/Joint Tax Board)
ABUJA – The Minister of State for Finance, Dr. Doris Anite-Uzoma, has called for collaboration from all institutions and the members of the public to stop those who engage in Profit Shifting from Nigeria without paying appropriate taxes.
Dr. Anita-Uzoma stated this at a two day National Conference on Illicit Financial Flows convened by the Federal Inland Revenue Service, FIRS.
The Conference with the theme, “Combating Illicit Financial Flows: Strengthening Nigeria’s Domestic Resource Mobilisation”, held on the 22nd and 23rd of July, at the Transcorp Hilton, Abuja.
She said strengthening of inter-agency collaboration, enhanced data-sharing, harmonised policies and real-time tracking of financial flows will help curb Illicit Financial Flows (IFFs) and retain the wealth generated in Nigeria.
Dr. Anite-Uzoka stated that Nigeria loses about $18billion annually to illicit financial flows especially through corporate tax evasion, stating that IFFs are drain pipes that must be blocked so that government can have enough resources to provide security and social amenities for the people.
In her words “It is estimated that Nigeria loses $18billion annually due to Profit Shifting and aggressive tax avoidance practice especially by some multinational corporations transacting in Nigeria. Huge sums of money are transfered from our country and this strips us of money that should be used to finance the much needed public services.”
She continued, “The illicit financial flows is a hydra-headed monster that must be eradicated. Illicit financial flows are the hidden drain pipes of our national wealth. It undermines revenue generation, fuels corruption and reduces the resources available for critical investment in health, education, infrastructure and social protection”, the Minister said.
The Executive Chairman, FIRS, Zacch Adedeji, PhD, (3rd from left), Minister of State for Finance, Dr. Doris Anite-Uzoma (4th from left) with other guest at the IFFs conference.
The Minister lauded the Federal Inland Revenue Service (FIRS) for coordinating Nigeria’s national illicit financial flows response and significantly improving revenue generation.
“Nigeria remains committed to the on-going effort at the UN General Assembly towards adopting a Multilateral tax treaty. Therefore, we pledge our renewed commitment to this process in which we are represented by the FIRS. This Government will continue to give FIRS the support it requires in this regard.”
“Also, let me appreciate the leadership of the FIRS for its commendable effort in advancing our domestic resource mobilisation agenda. FIRS has effectively leveraged every available tool and technology to enhance its operational capacity, making it increasingly difficult for companies and individuals to manipulate financial records or conceal taxable income. This effort has contributed to curbing illicit financial flows in Nigeria”, she added.
The Chairman, FIRS, Zacch Adedeji, PhD, stated in his response that the Service has developed a multi-dimensional approach to ending Profit-Shifting, while calling for collaboration of all stakeholders and Institutions.
“Let this Conference mark a decisive shift in Nigeria’s stand against illicit financial flows. It is a moment for us to stand and decide the integrity of our tax system with a promise of shared prosperity. Only through unified effort can we pluck the gaps that enable IFFs and reclaim the fiscal space necessary for National Development”, Dr. Adedeji said.
