Federal Govt. to investigate users of offshore tax havens

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Kemi Adeosun, Nigeria’s Finance Minister

The Minister of Finance, Mrs Kemi Adeosun, on Tuesday said that the government would investigate high net-worth individuals and companies who frequently used offshore tax havens.

Adeosun said this in an interactive session with the media on Tuesday in Abuja, while responding to questions on the use of offshore jurisdictions with favourable tax laws.

She said that with the increasing global focus on illicit financial flows and tax evasion, offshore tax shelters no longer offered robust protection against tax authorities.

She, therefore, added that the continued use of such schemes posed enormous risks for the users.

On questions relating to the recent leaks by Panana Papers and Paradise Papers, the minister remarked that the leaks were just the beginning of what was likely to be a systematic unraveling of the offshore tax haven…

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