Nigeria Okays Establishment of West African Tax Body

March 30, 2017

By Dipo Olowookere

The Federal Executive Council (FEC) has approved the ratification of the agreement for the establishment of the West African Tax Administration Forum.

This was part of the resolutions reached on Wednesday, meeting of the council in Abuja.

Minister of Finance, Mrs Kemi Adeosun, who revealed this to journalists after the meeting, said the body would enhance cooperation on handling of tax matters within the sub region.

“The Forum would serve as a platform of promoting mutual agreement and cooperation among West African Tax Authorities. Nigeria is the host of this body but we have just ratified the project and the effect of this is that it would enhance information sharing and cooperation between countries within West Africa on tax administration,” she emphasized.

The Minister said the Council also directed the Secretary to the Government of the Federation and the nation’s Accountant General to advise corporate bodies to fulfil all tax requirements.

“There is an existing provision in the law that every company is supposed to have on its headed paper the names of its Directors and office details but many bodies that are transacting with government today simply have the names of the companies on their headed papers without these details and for tax purposes it’s so difficult for us to trace,” she announced.

She added “the Secretary to the government and the Accountant General were directed to issue a circular reminding agencies and ministries of government about that requirement of the law.”

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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