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Nigeria

Tax Reporting Standards (NG0004)

Overview

At-a-Glance

Action Plan: Nigeria National Action Plan 2017-2019

Action Plan Cycle: 2017

Status: Active

Institutions

Lead Institution: Federal Inland Revenue Service

Support Institution(s): Central Bank of Nigeria, Ministry of Finance (MoF), Nigeria Customs Service, Nigerian Maritime Administration and Safety Agency (NIMASA), Financial Reporting Council of Nigeria, Federal Ministry of Justice (FMoJ), Nigerian Investment Promotion Council (NIPC), National Bureau of Statistics, National Assembly, Corporate Affairs Commission. Civil Society Legislative Advocacy Centre (CISLAC), Action Aid Nigeria, The Civil Resource Development and Documentation Centre (CIRDDOC), Institute of Chartered Accountants of Nigeria (ICAN), Association of National Accountants of Nigeria (ANAN), Chartered Institute of Taxation of Nigeria (CITN), Nigeria Association of Chambers of Commerce, Industry, Mines & Agriculture (NACCIMA), Manufacturers Association of Nigeria (MAN), Department For International Development (DFID), OXFAM, Council for the Regulation of Engineering in Nigeria (COREN)

Policy Areas

Fiscal Transparency, Private Sector

IRM Review

IRM Report: Pending IRM Review

Starred: Pending IRM Review

Early Results: Pending IRM Review

Design i

Verifiable: Pending IRM Review

Relevant to OGP Values: Not Relevant

Potential Impact: Pending IRM Review

Implementation i

Completion: Pending IRM Review

Description

The commitment seeks to promote increased tax revenues by ensuring the prevention of tax avoidance and evasion. This will address the issues of multiple taxation and make businesses pay their fair share of tax. It will also create equity such that local businesses are competitive, can create jobs and contribute to economic development. Tax avoidance and evasion have resulted in reduction of revenue needed to finance development and created an unfavorable environment for local entrepreneurs. This results in inability of government to provide sound services for citizens’ welfare and failure of small businesses, thereby increasing poverty.


Nigeria's Commitments

  1. Citizen Participation in Budget Cycle

    NG0001, 2017, Audits and Controls

  2. Open Contracting

    NG0002, 2017, Capacity Building

  3. Extractive Sector Transparency

    NG0003, 2017, Beneficial Ownership

  4. Tax Reporting Standards

    NG0004, 2017, Fiscal Transparency

  5. World Bank Doing Business Index

    NG0005, 2017, Infrastructure & Transport

  6. Beneficial Ownership Register

    NG0006, 2017, Beneficial Ownership

  7. Anti-Corruption Informationi Sharing

    NG0007, 2017, Anti-Corruption Institutions

  8. Asset Recovery Legislation

    NG0008, 2017, Capacity Building

  9. Anti-Corruption Activity Coordination

    NG0009, 2017, Anti-Corruption Institutions

  10. FOIA Compliance for Annual Reporting

    NG0010, 2017, Capacity Building

  11. FOIA Compliance for Disclosure

    NG0011, 2017, E-Government

  12. Permanent Dialogue Mechanism

    NG0012, 2017, Fiscal Transparency

  13. Joint Governmnet-Civil Society Legislation Review

    NG0013, 2017, OGP

  14. Technology-Based Citizens' Feedback

    NG0014, 2017, E-Government