The Federal Inland Revenue Service (FIRS) has disclosed that Nigeria lost N5.4 trillion through tax evasion by foreign multinationals between 2007- 2017.
FIRS Chairman, Muhammad Nami, said a 2014 report by High-Level Panel on Illicit Financial Flows from Africa, showed that the country accounts for 30.5 percent of illicit financial flows in Africa.
A statement by director, Communications and Liaison Department, Mr Abdullahi Ahmad quoted the chairman as saying that the anomaly necessitated the need to put in place tax compliance measures to check the trend.
He said more than 35 new Tax Audit Units were created in the last few years to combat illicit financial flow across the country.
He noted that though a few multinational firms were leading in tax compliance in Nigeria, some were not paying their fair share of tax and don’t even do it voluntarily.
