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Home Business News

Govt. has come up with two ingenious ways of catching tax defaulters

Onome Ohwovoriole by Onome Ohwovoriole
October 4, 2017
in Business News
Govt. has come up with two ingenious ways of catching tax defaulters

Babatunde Fowler, Chairman, FIRS

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At the annual PWC workshop for journalists held in Lagos yesterday, Taiwo Oyedele a senior partner in the firm revealed that government had put in place plans to track tax defaulters using phone bill records and Bank Verification Numbers (BVN).

Individuals who spent above a certain threshold on their phone bills, would be examined to ascertain their tax bills. The same method would also apply to individuals with Bank Verification Numbers (BVN). The  Central Bank of Nigeria (CBN) had few years ago made BVNs compulsory for all account holders. Failure to register for the BVN led to freezing of bank accounts. The apex bank has however extended the registration deadline for Microfinance banks.

Why is government doing this ?

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Tracking phone spending is a clear means of verifying wealth as richer individuals typically send more on phone bills. It also captures the informal sector which has largely not paid taxes.

A drop in crude oil prices and production volumes lead to a fall in government revenue, and pushed the economy into recession. In order to me it’s obligations, government has had to ramp up borrowing. $1.5 billion has been raised through Eurobonds, and two more but raises are billed before the end of the year. A N100 billion Sukuk bond was recently raised towards road construction.

Is privacy being violated?

Though some may argue that phone records are private, government has every right to ask for records belonging to the citizenry. Governments all over the world often use unconventional methods to get tax defaulters. Her Majesty’s Revenue Collection (HRMC) which is the body in charge of revenue collection in Britain and the Internal Revenue Service in the United States, monitors online social media accounts for ostentatious displays of wealth without any visible income.


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Tags: Federal GovernmentNews ReviewTax Revenues
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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