From Nigeria: Automatic Exchange of Information and the Changing Nigerian Tax Landscape
Olaleye Adebiyi - Andersen Tax LP, Nigeria a Member firm of Andersen Global
The global trend in international taxation is gearing more towards transparency, and Nigeria is not left out. With the advent of new technologies, it is less cumbersome for individuals and companies to hold assets in more than one tax jurisdictions which may create an easy route for tax evasion.
To tackle these challenges, the Federal Government of Nigeria (FG) has signed cooperation agreements with a number of countries, which allow for the automatic exchange of financial and tax information between the tax authorities of these countries and the Nigerian authorities to help deal with the menace of tax evasion.
On the whole, automatic exchange of information will provide tax authorities with an unprecedented level of tax information and will enable the discovery of formerly undetected tax evasion. Therefore, ingenious tax planning strategies are necessary to ensure that tax payers are able to minimize their tax exposures within the confines of the law.
Follow this link to read the full article.