ECONOMIC INSIGHT Nigeria, foreign countries share data on overseas bank accounts, property

The Federal Government of Nigeria and some foreign countries, including the United Kingdom Government, have commenced the Automatic Exchange of Tax Information (AETI), particularly on overseas assets held by Nigerians.

Minister of Finance, Mrs. Kemi Adeosun, confirmed this on Friday in Abuja during the presentation of Progress Report on Tax Laws Reform by the Vice Chairman of the National Tax Policy Implementation Committee, Mr. Taiwo Oyedele.

The Minister expressed satisfaction with the data being supplied to Nigeria by foreign countries under the AETI, to which the country became a party in January 2018.

“The data received in Nigeria with regard to overseas assets held by Nigerians has been impressive and will underpin a long term improvement in the nation’s tax to Gross Domestic Product (GDP) ration, in turn, will improve life for the masses.

“The data on bank accounts, property and trusts, which has come automatically from a number of countries is being used to support the Voluntary Assets and Income Declaration Scheme (VAIDS) by allowing the tax authorities to check the accuracy of declarations received.

“The Federal Government is also using the data to generate ‘nudge’ letters which are being sent to those identified as being potential tax defaulters,” said Adeosun while responding to questions raised by journalists during the submission of progress report on tax laws reform.

She disclosed that Nigeria had written to a number of nations to request specific information about offshore trusts and bank accounts held by its citizens.

Earlier in the address, the NTPIC Vice Chairman, Mr. Taiwo Oyedele, who represented the Chairman, said the Committee considered three major policy documents namely; the Economic Recovery and Growth Plan (ERGP), the National Tax Policy and Ease of Doing Business Plan.