FG obtains list of 500 Nigerians with property, trusts abroad who are underpaying taxes

AN Ad-Hoc Committee of the National Economic Council has reported back to the Council that a number of revenue-generating agencies may have significantly under remitted returns to the Federation Account.
This was disclosed earlier today at the monthly NEC meeting presided over by Vice President Yemi Osinbajo, SAN.
The Council had previously ordered the forensic audit to review remittances of the agencies covering 2010 to May 2015. While Council received an updated interim report today, a final report is awaited next month.
The Finance Minister, Mrs Kemi Adeosun, also informed the Council that a list of about 500 Nigerians with property and trusts abroad has been obtained to determine their tax compliance status at home.
She explained that such Nigerians can take advantage of the Voluntary Assets & Income Declaration Scheme, VAIDS, to settle past taxation defaults.
Giving update on state of the economy by budget and planning Minister, Udoma Udo Udoma, the minister said signs of recovery had been observed since Q3 2016 and the Recovery consolidated in Q3 2017, with GDP doubling to 1.40 percent.
According to him, non-oil GDP contracts in Q3 2017 increased by 0.76 percent after growing in Q1 R Q2 2017, while the Services Sector is still in the negative; the Manufacturing Sector was negative in Q3 2017 also.
“Due to high inflationary pressures, household consumption expenditures remain constrained, though it appears such pressure is easing. Headline inflation has declined since January – reflecting tight monetary policy. Food price increases have remained persistent but slowing down. The total value of capital importation at the end of Q3 2017 stood at $4.14 billion (131.3 percent growth year-on-year)”, he said.