Tunde Fowler: Casting the tax net wide.

TODAY IN NUMBERS: 700,000 Firms – And 10 Million Individuals – Have Dodged Paying Taxes In Nigeria

THE number(s) of the day, without doubt, is from Nigeria.

The country has hunted down 700,000 firms that have never paid taxes as the country seeks new revenue sources to offset low oil prices that have pushed Africa’s biggest economy into its first recession in more than 20 years, Reuters quoted its tax chief saying.

Tunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), said in an interview that he also expected 10 million individuals to be discovered by December and made to pay taxes for the first time.

The number of tax-evading firms in Nigeria is bigger than the populations of Cape Verde, Principe and Sao Tome, and Seychelles combined.

 

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