Lagos — The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, has signed two major multilateral instruments on exchange of tax information with other countries with a view to combating tax evasion.
The agreements are the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI), and the Common Reporting Standard Multilateral Competent Authority Agreement (CRS MCAA).
Fowler signed the agreements on behalf of Nigeria in Paris, France, with Mr. Ben Dickinson, Head of Global Relations and Development Division of the Organisation for Economic Cooperation & Development (OECD) in attendance.
A statement issued by the Director of the OECD Centre for Tax Policy and Administration (CTPA), Pascal Saint-Amans, said the signing of the agreements made Nigeria the 71st jurisdiction to sign the MLI and the 94th jurisdiction to join the CRS MCAA. The statement explained that the agreements would give Nigeria automatic exchange of tax and financial information among 101 tax jurisdictions and enhance the country's ability and those of the other countries to contain tax avoidance and evasion.