The Minister of finance revealed this while addressing a panel discussion on ‘Sub-Saharan Africa: Just a Rough Patch” on the on-going 2016 spring meetings of the IMF-World Bank in Washington DC, USA.
She disclosed that these companies have evaded payment of tax for the past 7 months. It is now priority of the government to ensure that tax evaders fulfil their obligation. The government’s approach is focus on improving the collection of taxes and tax base.
‘We are using technology to enhance collection, linking up databases from diverse government agencies, auto debits of VAT from corporate entities and government contractors and the rollout of Biometric Verification Number (BVN) across bank account holders. We have also ensured that FIRS staff receive increased incentive pay for delivery on targets,” she said.
Adeosun stressed that there were enormous revenue realisable from taxation to keep the economy going on a sustainable level without bothering about oil revenue. Realising that taxation is a goldmine yet untapped, she pointed out that the government had been working assiduously to ensure it plugs all loopholes in tax revenue collection.