FG to use Paradise papers to cross check tax declaration by Nigerians - Adeosun

The Minister of Finance, Mrs. Kemi Adeosun has said the Federal Ministry of Finance’s data mining project would use data provided on Nigerians from Panana Papers and Paradise Papers to crosscheck tax declarations by Nigerians.

Adeosun advised Nigerians to review any existing tax planning schemes, including those in offshore tax havens, in order to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS) to regularise their tax status where necessary.

The Minister gave this advice during an interactive session with the media on Tuesday in Abuja, while responding to a question about the legality of the use of offshore tax shelters.

On questions relating to the recent leaks by Panana Papers and Paradise Papers, the Minister remarked that the leaks were just the beginning of what is likely to be a systematic unravelling of the offshore tax haven system.

She urged Nigerians to cooperate with the Government by paying the right taxes to both the Federal and State Governments in order to provide the much needed funds that will improve the lives of Nigerians.

The Minister maintained that sanctions await defaulters who refuse the Federal Government’s offer of tax amnesty, including the full payment of outstanding tax liability and criminal prosecution.

She said further that businesses, which untruthfully comply, would be liable as whatever was paid on the declared liabilities may be considered as part-payment of the outstanding sum later discovered by the authorities.

On impetuous defaulters who fail to utilise the VAIDS window, Adeosun said such offenders would face criminal prosecution by the Federal Government.