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Government misses N3tr revenue on 2000 assets in FCT

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The Federal Government is missing about N3 trillion revenue from about 2000 high profile property and lands in the Federal Capital Territory (FCT) registered by corporate organisations.
 
The revelation, which was a fallout of audit of assets in the FCT, showed that individuals, corporates and multinationals are culpable, is also an evidence for the renewed crack down on multinationals in the country, which lead the tax avoidance and evasion record.
 
However, the Federal Government renewed its vow to sustain reforms in the nation’s tax laws, as part of efforts to bring multinational companies to compliance, especially to relevant tax obligations.
 
The Vice President, Prof. Yemi Osinbajo, while declaring open the 2018 yearly tax conference of the Chartered Institute of Taxation of Nigeria (CITN), in Abuja, yesterday, disclosed that the administration’s renewed campaign on tax has brought more than five million new taxpayers into the system, making it about 19 million.
 
Noting that taxation has never been welcome with open hands anywhere in the world, he said that Nigeria got to this pitiable point with advent of petrodollars and military rule, which introduced the idea of free and non transparency in public finance.
 
He recalled that tax has been instrumental to the free education of the Western region under the Late Obafemi Awolowo, urging Nigerians to pay tax and hold the government accountable for their monies.
 
Osinbajo noted that the Treasury Single Account has continued to benefit the country, as revenues worth N4 billion monthly, would have continued to enter into private channels, depriving government of the needed fund.


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