Tax Leakages

The joint committees on finance, banking, and currency of the House of Representatives have launched an investigation into tax leakages that cost the federal government $30 billion between 2005 and 2019. Revenue remittance into the federation account has been a source of worry. The examination targets agencies and enterprises in banking, oil exploration, engineering, procurement, building, installation, marine transportations, manufacturing, and telecommunications, according to Abiodun Faleke, chairman of the finance committee, who spoke during a hearing on Monday. According to Faleke, the joint committee also discovered irregularities in “the inflow of foreign investments, such as equity, foreign cash loans, and […]