In series:Global Forum on Transparency and Exchange of Information for Tax Purposes: Peer Reviewsview more titles
Published on March 14, 2016
The Phase 2 review rates Nigeria as overall largely compliant with the international standard of transparency and exchange of information for tax purposes. Nigeria’s legal framework generally ensures that ownership, accounting and banking information are available according to the standard. In practice, the regulatory and administrative authorities of Nigeria took several measures to ensure that all relevant entities and arrangements in Nigeria maintain and report ownership and accounting information as required by the legal framework. However, the review finds that the compliance levels of companies, partnerships and other entities on their information reporting obligations have been very low. Accordingly, the report recommends that Nigeria’s oversight and enforcement of the legal framework with respect to ownership and accounting information should be more rigorous. The report notes that Nigeria has a dedicated Exchange of Information unit and a detailed process to manage the exchange of information requests. However, Nigeria’s treaty partners faced challenges in establishing proper communication with Nigeria. The report recommends Nigeria to systematise and strengthen its communication with its treaty partners. Nigeria welcomed the review and expressed its strong commitment to acting on the recommendations made in the report. For further information on the exchange of information practice of Nigeria and to read the full report click here.