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Nigeria has fully embraced a system of automatic exchange of data where financial data of citizens are easily accessible and makes tax evaders have nowhere to hide.

Tax evasion is now a serious global issue and the tools available to tax administrators to tackle tax evasion and aggressive tax avoidance have undergone a step-change in recent years.

For instance, high profile leaks, such as the release of the ‘Panama’ and the ‘Paradise’ papers by the International Consortium of Investigative Journalists (ICIJ) showed that the world has turned strongly against tax evasion and aggressive tax planning.

Also, thanks to ground-breaking international agreements which make difficult to hide assets by placing them in offshore accounts or structures. Banking secrecy has been quickly disappearing and cooperation between tax administrations is rapidly improving.

In Nigeria, when it comes to tax, there is no political party sentiment and prosecutors of tax evaders are expected

... read more at: https://www.businessdayonline.com/exclusives/analysis-sub/article/evading-tax-payment-get-tougher-nigeria/