• About
  • Privacy Policy
  • Contact
Monday, June 27, 2022
No Result
View All Result
NEWSLETTER
Diplomatic Info
  • Home
  • Diplomacy
  • Embassy News and Info
  • Events
  • Nigeria
  • Business
  • Politics
  • Security
  • Cover Story
  • ECOWAS
    • Togo
    • Sierra Leone
    • Senegal
    • Nigeria
    • Niger
    • Mali
    • Liberia
    • Guinea Bissau
    • Guinea
    • Ghana
    • The Gambia
    • Cote D’Ivoire
    • Cabo Verde
    • Burkina Faso
    • Benin
  • Advertise
  • Home
  • Diplomacy
  • Embassy News and Info
  • Events
  • Nigeria
  • Business
  • Politics
  • Security
  • Cover Story
  • ECOWAS
    • Togo
    • Sierra Leone
    • Senegal
    • Nigeria
    • Niger
    • Mali
    • Liberia
    • Guinea Bissau
    • Guinea
    • Ghana
    • The Gambia
    • Cote D’Ivoire
    • Cabo Verde
    • Burkina Faso
    • Benin
  • Advertise
No Result
View All Result
Diplomatic Info
No Result
View All Result
Home Business

Multinationals short-change Nigeria by $10bn via profit shifting: ICPC

by Diplomatic Info
March 6, 2021
in Business, Nigeria
0
Multinationals short-change Nigeria by $10bn via profit shifting: ICPC
0
SHARES
10
VIEWS
Facebook ShareShare on WhatsAppTweet it!

ICPC warns that the practice strongly hurts the nation’s political economy.

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says Nigeria accounts for 20 percent or $10 billion (N3.8 trillion) of the estimated $50 billion that Africa loses to Illicit Financial Flows (IFFs).

Chairman of ICPC, Prof. Bolaji Owasanoye, said this during a virtual meeting to review a report on IFFs in relation to tax, Azuka Ogugua, spokesperson for ICPC, said in a statement released in Abuja on Friday.

The ICPC Chairman said, “the African Union Illicit Financial Flow Report estimated that Africa is losing nearly $50 billion through profit shifting by multinational corporations and about 20 percent of this figure is from Nigeria alone.”

The ICPC boss explained that taxes played “a very strategic role in the nation’s political economy.”

He said the objective of the meeting was to improve the awareness on IFFs, especially in the areas of taxation.

The ICPC boss added that the meeting would give participants the opportunity to openly discuss how to effectively use the instrumentality of taxation to curb IFFs through a risk-based approach.

“Risk-based approach, that is: monitoring and audit; due process in tax collection; structured tax amnesty framework skewed in public interest; data privacy; timely resolution of audits and payment of tax refunds and intelligence sharing among revenue generating, regulatory and law enforcement agencies,” he said.

Mr. Owasanoye also stated that for the contemporary tax man to remain relevant, he must build his capacity in areas of technology management, solution architects and an astute relationship manager.

The Executive Chairman of Federal Inland Revenue Service (FIRS), Muhammad Nami, expressed concerns that IFFs posed a serious threat to the Nigerian economy as the act robbed the nation of resources that were needed for development.

Mr. Nami declared that tackling IFFs would expand the country’s tax base and improve revenue generation, which was required for development.

He consequently pushed for policy reforms that would make it difficult for “capital flights” from occurring so that the country would be placed on the path of growth.

Other discussants at the event identified weak regulatory framework, opacity of financial system and lack of capacity amongst others as some of the factors that fuelled IFFs.

The discussants emphasised the need for capacity building of relevant stakeholders as one of the ways to stamp out illicit financial flows.

They commended ICPC for leveraging its corruption prevention mandate to open a new vista in IFFs discourse in Nigeria.

(NAN)

Diplomatic Info

Diplomatic Info

Next Post
At least 20 killed by suicide car bomb blast in Somalia

At least 20 killed by suicide car bomb blast in Somalia

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Ondo ex-militants threaten to return to creeks over Amnesty Programme

Ondo ex-militants threaten to return to creeks over Amnesty Programme

1 year ago
Ukrainian president’s aide survives assassination bid

Ukrainian president’s aide survives assassination bid

9 months ago

Popular News

    Connect with us on Facebook

    Subscribe to Our Newsletter

    Enter your email now to join our community of readers, and get new contents straight to your inbox

    We promise to not spam you

    Thanks for joining in.

    Category

    • Africa
    • Benin
    • Burkina Faso
    • Business
    • Cote D'Ivoire
    • Cover Story
    • Diplomacy
    • ECOWAS
    • Education
    • Embassy News and Info
    • Events
    • Ghana
    • Guinea
    • Guinea Bissau
    • International
    • Mali
    • News
    • Niger
    • Nigeria
    • Politics
    • Programs
    • Security
    • Senegal
    • Sierra Leone
    • The Gambia
    • Togo
    • Uncategorized

    Quick Links

    • About
    • Contact
    • Privacy Policy
    • Advertise

    About Us

    Providing strategic insights into important social, cultural, political, and economic factors that significantly influence business and nations, Diplomatic Info will examine these critical issues and provide strategies that create competitive advantages.

    © 2021 Diplomatic Info - Built by O.V.

    No Result
    View All Result
    • Home
    • Diplomacy
    • Embassy News and Info
    • Events
    • Business
    • Politics
    • Security
    • News
    • Cover Story
    • Africa
    • ECOWAS
      • Togo
      • Sierra Leone
      • Senegal
      • Nigeria
      • Niger
      • Mali
      • Liberia
      • Guinea Bissau
      • Guinea
      • The Gambia
      • Cote D’Ivoire
      • Ghana
      • Cabo Verde
      • Benin
      • Burkina Faso
    • International
    • Contact

    © 2021 Diplomatic Info - Built by O.V.