The Chairman of the Presidential Committee on Tax Reforms, Taiwo Oyedele, has shed more light on how Nigeria’s incoming tax intelligence framework will monitor financial behaviour to identify tax evasion.
Speaking on The Micon Podcast, Oyedele explained that the new system will aggregate multiple data points to build a clearer picture of individuals’ financial activities.
“This is the whole essence of the intelligence we are trying to piece together. What happens in your bank account, when you travel abroad, how you use your payment card, electricity, your phone. All those information,” he said.
According to him, the government is not targeting low-income earners or small financial discrepancies.
“By the way, you know government will not go after you if you earn 50k and you spend 90k. They are not looking for those kind of small money. It’s not worth it. So it’s usually those big numbers.”
Oyedele stated that once the system validates a person’s financial footprint and identifies inconsistencies, authorities will be able to detect whether taxes have been duly paid.
“By the time the system validates what you’re doing, we will be able to know if you have not paid tax. If you cannot explain yourself, and your tax is 1 million, under this new tax law from next year, if you have a bank account, we can debit your bank account,” he added.
He concluded by stressing that the improved framework reflects a new professional approach to tax enforcement, moving the country away from crude, forceful methods, a shift, he said, from “using hammers and nails to chase people for tax.”
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