Tackling tax leakages in the 21st Century – What lessons can Nigeria learn from the OECD (3)?

The last two editions of our InsideTax publication have focused on tackling tax leakages in the 21st century.  Without doubt, the need for revenue authorities to develop awareness of possible sources of tax leakages in this era and evaluate tenable approaches at combating the problem cannot be over-emphasized. Specifically, in the last edition, we considered a common tax evasion scheme – sales suppression – vis-à-vis the various ways in which it can manifest, consequences and technology-based counter measures prescribed by the Organisation for Economic Cooperation and Development (OECD)[1].

Tackling tax leakages in the 21st Century – What lessons can Nigeria learn from the OECD (2)?

In our last edition of InsideTax publication, we explored the concepts of tax avoidance and tax evasion and the impact of tax leakages on government revenue. We also highlighted some ways through which tax evasion occurs in Nigeria.