The Action Aid Policy Advocacy and Campaigns Manager, Mr. Tunde Aremu, has said that Nigeria loses $2.9 billion annually to tax incentives granted to multinational companies operating in the country.
He revealed this when he led a delegation to visit Hon. Odeneye Kehinde (APC-Ogun), a member of the House of Representatives Public Accounts Committee, and tasked the legislature to probe the processes of granting tax incentives.
“The companies go under the rugs to negotiate these incentives. `The Nigerian parliament should start querying the processes and demand that they should be open and transparent.
“And that the representatives of the people should be informed when these incentives are being negotiated in order to have a say if they are necessary or not”.
According to him, some of the technical terms used by the companies to encourage illicit funds from the country include; e-trading, over invoicing, mispricing and price shifting.
Hon. Kehinde on his part responded saying there is an urgent need to review some of various joint tax agreements in Nigeria.
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