Business

Finance Minister, Kemi Adeosun Comes Hard For Tax Evaders, List To Name UK Property Owners Underway

Published

7 years ago

April 24, 2017 10:27 am

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?”

“At every data point of government, we will be picking up information that will be used to compare people to pay taxes. There is going to be much better collaboration from the international community,” she said.

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?’

“So, it is going to be a very systematic process, using a lot of data and moral-suasion on the people, telling them that this is the time to do the right thing because that is the only way the country can move forward.”

She said: “When we travel, and we say, look at their roads, look at their airports, they have a very good tax system. Nigeria has one of the worst tax to GDP ratios in the world. We have to find ways to make our tax collection much more effective. Once we have spent time on data, we will encourage people to pay taxes, and from there, we’ll move to naming and shaming tax evaders.

“We only have about 13 million tax payers in Nigeria at the moment and about 12.5 million of them are Pay As You Earn (PAYE). So, all the wealthy and self-employed that pay taxes are only 500,000. People are going to be invited, and it is really the wealthy and rich that will be invited. We want to be much more aggressive on tax payment, not because we want to witch-hunt anyone, but because we have to, because it is the job of government to ensure revenue redistribution from the high and low.”

“So, people have to contribute their fair share. Those, who for years have been able to get away with evading tax should know that the game is over. It is time to do the right thing,” she said.

Mrs Adeosun said there were no plans to introduce new taxes, but implementation of tax laws will get attention.

The minister said the government had been gathering data. “That is why you hear that about over 800,000 companies have been put into the tax net. How was that done? We simply went to the Corporate Affairs Commission (CAC) to know the number of registered companies and then check their tax records. A report recently went out from the Accountant-General’s Office, and anybody who has payment to collect must have up-to-date tax status. So, everything we are doing is driving people into the tax net,” she said.

Mrs Adeosun said Nigeria has six per cent tax to GDP ratio where as Ghana and South Africa have 15 per cent, 30 per cent.

On the recovered loot, the minister said the funds were being put in a collection account, and will be used to fund part of the budget.

Mrs Adeosun said all agencies of government must now give monthly reports on how much they have recovered and that the funds are being kept for key projects.

Business

FG grants Air Peace approval to commence Abuja-London flights

Published

14 mins ago

April 26, 2024 8:32 am

BodexNG

The federal government (FG) says it has approved the commencement of flight services from Abuja to London by Air Peace.

Festus Keyamo, minister of aviation and aerospace development, spoke on Channels television on Thursday.

Keyamo said he gave the approval for Air Peace to add Abuja to its London route on April 24.

“Just yesterday (Wednesday), I approved Air Peace for the Abuja-London route, not only Lagos-London route,” the minister said.

“British Airways also come to Abuja.

“So, let Air Peace block that path and start a war. It’s all for the good of Nigerians.”

Speaking on the British government’s refusal to grant operation access to Heathrow Airport, Keyamo said the federal government agreed to operate the Gatwick Airport.

He said Air Peace or any interested local airline should be operating to Heathrow Airport and not Gatwick.

The minister said the Gatwick Airport is only a low-hanging fruit and a starting point.

Keyamo said he has been reviewing the bilateral air service agreement (BASA) between the United Kingdom (UK) and Nigeria and some decisions would be made after the exercise.

On March 30, 2024, Air Peace began direct flight operations from Lagos to Gatwick Airport in London.

Business

Lagos-bound Air Peace flight makes emergency landing after false fire alarm

Published

1 hour ago

April 26, 2024 7:42 am

BodexNG

Air Peace says its Port Harcourt-Lagos flight landed at the destination airport earlier than scheduled, following a presumed fire incident on the aircraft.

In a statement on Thursday, the management of Air Peace said a few minutes before landing, the aircraft’s captain noticed a fire warning indicator in the cockpit.

The airline said upon landing, it was discovered that the alarm was falsely triggered as ‘there was no fire event”.

“We wish to inform the flying public of an incident that occurred during our Port Harcourt-Lagos flight P47193 of today, April 25, 2024,” the statement reads.

“Some minutes before landing, our Captain noticed a fire warning indicator in the cockpit. The pilots performed all safety precautionary measures and the fire indicator went off.

“The Captain immediately notified our Operations Control Center in Lagos at 17:37hrs.

“It was determined upon landing that the alarm was falsely triggered as there was no fire event.”

According to the airline, the plane landed safely and all passengers disembarked “normally”.

Air Peace reassured the travellers that safety remains its top priority, expressing unwavering commitment.

On April 17, an Owerri-bound Air Peace flight turned back to Abuja over ‘sunset operations’ at its destination airport.

Business

Dana Air initiates refunds following suspension by NCAA for safety audit

Published

23 hours ago

April 25, 2024 9:18 am

BodexNG

Dana Air has announced that it is processing refunds for flights affected by its recent temporary suspension.

The Nigeria Civil Aviation Authority (NCAA) imposed the suspension to conduct a safety and financial audit following a runway incursion incident involving one of the airline’s aircraft on Tuesday.

The airline disclosed this information in a statement on its official X (formerly Twitter) account on Wednesday, apologizing for the inconvenience and disappointment the suspension may have caused its passengers regarding their travel plans.

According to Dana Air’s statement, passengers who have already booked flights are instructed to send their flight booking details (PNR) and bank account numbers to contact@flydanaair.com for refunds.

“In light of the suspension, we understand that you may have concerns regarding your bookings and travel plans. We assure you that we are processing refunds for affected flights over the next month.
“To expedite this process, we kindly request that passengers send their booking details (PNR) and bank account numbers to contact@flydanaair.com,” the statement read in part.

The statement also assured Dana Air customers that the airline is fully cooperating with aviation authorities to address any concerns and ensure that the matter concerning the suspension of its operating license is swiftly resolved.

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others