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Nigeria generates $12b from taxes in 10 months

Nigeria has generated more than $12.8 billion in taxes between January and September this year.
 
This amount is $3.3 billion higher than the amount realised the same period of last year.
 
The Chairman of the  Federal Inland Revenue Service(FIRS), Mr Tunde Fowler, unveiled the collection in Abuja.
 
He made a presentation to the African Union High Level Panel on Illicit Financial Flow from Africa.
 
He disclosed that the agency had discovered properties in Abuja belonging to 114 companies which did not pay taxes on the properties.
 
In a presentation to the African Union High Level Panel on Illicit Financial Flow from Africa in Abuja, the FIRS boss disclosed that his agency has discovered properties in Abuja
belonging to 114 companies who did not pay taxes on them.
 
He said the companies disclaimed the properties.
 
Fowler said: “One hundred and fourteen companies claimed they were unaware of the land allocated to them, but the AGIS (Abuja Geographic Information System) has confirmed the
ownership for all the cases referred to them and we will soon hand these cases over to the Attorney General of the Federation”.
 
He said that so far the FIRS has issued 2,672 demand notices to companies not complying with company tax.
 
According to him, 653 of the companies have started filing returns, adding that $9.8 million has been realised from them.
 
The former President of South Africa and Chairman of the High Level Panel, Mr Thambo Mbeki, expressed concern that $50 billion taken out of Africa has affected the growth of the
continent.
 
Mbeki said, “We are focused on the need for the continent to generate the resources that are required to attend to issues of development. The continent is losing a lot of resources
through illicit financial flows.”

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