The Minister of Finance, Mrs. Kemi Adeosun, stated that the government was currently carrying out an audit of the defaulting companies. Adeosun, who did not provide the identities of the offending companies, however, noted that a situation where the entire country had only 14 million active taxpayers from an economically active base of 70 million was no longer acceptable.
She explained that over 95 per cent of the 14 million active taxpayers were salary earners in the formal sector, adding that just 241 persons paid personal income taxes of N20m in 2016. To address this, she said that the Ministry of Finance had commenced a database project that combines data from the various arms of government, including bank records, property and company ownership, and Customs records.
This, she noted, would assist the ministry to create accurate profiles of those liable to pay taxes.