Abuja, Oct. 4, 2024 – The Economic and Financial Crimes Commission (EFCC) will investigate allegations of tax evasion levelled against corporate bodies and individuals.
Ola Olukoyede, the Chairman of the EFCC, made the promised in a statement posted on his X handle on Friday.
According to the statement, the EFCC boss made the promise on Wednesday while receiving officials of the Charted Institute of Taxation (CITN) led by its President, Mr. Samuel Agbeluyi.
He described the defaulting corporations and individuals as threats to the growth and development of the country.
Olukoyede said the EFCC would track the tax evaders, especially individuals and corporate entities that had failed to remit their due taxes to the federal government.
He also promised that the EFCC would collaborate with the CITN to identify the offenders.
The EFCC boss said the failure to apprehend the tax defaulters had led to a situation where certain individuals earn significant income, but pay minimal tax to the government.
“There is a need for us to conduct more research, knowing fully well that if we examine the percentage of people paying tax in Nigeria compared to our GDP, we must do more to enable the government to generate additional revenue.
“If we expose sectors that have not been paying tax despite making substantial profits, it will be enlightening when we carry out our investigations.
“Some of the findings reveal individuals with enormous incomes who pay very little tax, leaving us to wonder how we sustain this system,” he said.
“Taxation has become a major source of revenue for the government and for the entire country, perhaps even the largest.
“I read a report indicating that taxation has overtaken oil and gas. I am also pleased to hear that taxation has become a course of study in tertiary institutions. That is a significant achievement for you and the members of the institute,” he said.
“If you look at our structure here at the EFCC, we have an entire section dedicated to tax fraud.
“We have discovered that taxation is a major source of revenue, which naturally attracts the attention of criminal-minded individuals.
“Through this section, we have recovered billions for the government’s treasury as a result of investigations and prosecutions related to tax fraud,” he said. (GBN)
