A major crackdown on tax evaders is on the way, Finance Minister Kemi Adeosun said yesterday.

They will be named and shamed – in a desperate move to improve the tax to Gross Domestic Product (GDP) ratio and expose evaders.


The minister, who spoke at the end of the 2017 IMF/World Bank Spring Meetings in Washington, said Nigeria has the worst tax to GDP of six per cent in the world, as only 13 million people pay their taxes.

She spoke of collaboration with the British Government to ensure that Nigerians who own properties in the UK pay taxes in Nigeria. She said that many of the people who fly business class, and own houses in the UK will have to be watch listed. “If you buy business class ticket, we will probably be looking at, is this person a tax payer anywhere?”

Read more http://www.nairausd.com/2017/04/uk-home-owners-to-pay-taxes-in-nigeria.html

According to her, a lot of money has left Nigeria, and there is UK focus on sharing the data. “So, under the Beneficiary Owners Register, which has been signed, with the David Cameron administration, the UK is going to give us the list of everybody that owns properties in the UK, once it is owned by a Nigerian. That will enable us to say: ‘Is this person who owns four or five properties in the UK, how much tax are you paying in Nigeria?’

Ftc

prolificJosh:
Ftc

Amen

Most bank account opening form have FATCA (Foreign Account Tax Compliance Act). America had gone into diplomatic relations with most countries to ensure that you don't operate business in US and ask that payment be made to your bank account outside the US in a bid to evade tax.
This is smart of Kemi. She's learning.

Celcius:
Most bank account opening form have FATCA (Foreign Account Tax Compliance Act). America had gone into diplomatic relations with most countries to ensure that you don't operate business in US and ask that payment be made to your bank account outside the US in a bid to evade tax.
This is smart of Kemi. She's learning.

Please explain further

ifyan:


Please explain further

First of all, here's what it looks like. Its a broad policy/regulation. Some banks may not put it, but they monitor customer and classify them now. NFIU, AML,SCUML, EFCC, etc they always wanna know who is a FEP or PEP.
Its part of governments plan to curb money laundering and tax evasion.

The best way to live as a millionaire is to live a simple life. Why do black people enjoy shouting about their wealth when they make a little change.

How can you have 7m in your account and go buy Acura TL for 5 million so you can show off and shout 'pepper dem gang'. Now the govt will be watching to take the littele change you have. The contraption is going the 'Greece' way.