The Federal Ministry of Finance is currently auditing tax records of over 800,000 companies, including some government contractors
This was made known by the Minister of Finance, Kemi Adeosun on Sunday in an article which she said such affected companies included those identified as having never paid taxes before.
“This is an unprecedented initiative that entails cooperation between Federal and state governments,” .
According to Adeosun, the finance ministry has also commenced a data-base project to create accurate profiles of individuals and companies liable to pay taxes in the country.
The minister explained that the project combines data from the various government ministries, departments and agencies, including bank records, property and company ownership, as well as customs records.
Adeosun said that the finance ministry has also retained the services of the world’s premier private investigation agencies to help trace overseas assets held by Nigerians and Nigerian companies.
The minister, who sought to dispel the perception of Nigeria as an oil economy, said such descriptions fitted those countries characterised by low population densities and abundant oil resources.
