The Federal Executive Council (FEC) has ratified the automatic exchange of information between Nigeria and other countries, in its pursuit of tax defaulters.

Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, disclosed this to State House correspondents on Wednesday after a session at the FEC meeting which held in Abuja.

He was optimistic that the agreement would boost the fight against defaulters and improve the country’s revenue.

Mr Fowler added that it would also ensure that Nigerians who have investments or businesses overseas and receive income abroad pay their taxes as and when due.

He further briefed reporters about the Voluntary Assets Income Declaration Scheme (VAIDS) policy of the government.

The FIRS boss noted that those who refused to take advantage of the grace given by the scheme which expired at the end of June would be made to pay their taxes alongside the required penalties.

President Muhammadu Buhari presided over the FEC meeting which commenced at about 11:00 am and was attended by Vice President Yemi Osinbajo.

Also in attendance are Secretary to the Government of the Federation (SGF), Boss Mustapha, and the Minister of Justice and Attorney-General of the Federation, Abubakar Malami.

Other ministers present are Kemi Adeosun (Finance), Babatunde Fashola (Power, Works, and Housing), Udo Udoma (Budget and National Planning), and Chris Ngige (Labour and Employment), among others.

Get more stories like this on Twitter & Facebook

AD: To get thousands of free final year project topics and other project materials sorted by subject to help with your research [click here]