CIFCFIN Urges Creation of National Tax Fraud Investigation Framework

Strategic Insights -

The Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN) has called for the establishment of a National Tax Fraud Investigation and Forensic Oversight Framework to improve Nigeria's tax system. According to Dr. Iliyasu Gashinbaki, the founder and chairman of CIFCFIN's governing council, a framework is essential to deepen forensic investigations, which would enhance tax compliance and enforcement. The proposed framework would focus on high-risk sectors such as telecommunications, oil and gas, banking, construction, maritime, and import trade. Dr. Gashinbaki emphasized that no law can enforce itself, and a forensic counterattack is necessary to combat tax fraud, which thrives on complexity, collusion, and complacency.

Key Takeaways:

  • CIFCFIN is urging the creation of a National Tax Fraud Investigation and Forensic Oversight Framework to improve Nigeria's tax system.
  • The proposed framework would target high-risk sectors such as telecommunications, oil and gas, banking, construction, maritime, and import trade.
  • Dr. Iliyasu Gashinbaki, CIFCFIN's founder and chairman, called for a forensic counterattack to combat tax fraud, which is driven by complexity, collusion, and complacency.
  • The institute believes a framework is essential to deepen forensic investigations and enhance tax compliance and enforcement.
  • The Code of Conduct Bureau (CCB) Chairman, Dr. Abdullahi U. Bello, was inducted as an honorary fellow of CIFCFIN, acknowledging the CCB's crucial role in promoting transparency, accountability, and ethical governance in Nigeria.
  • The inducting of Dr. Bello serves as a reminder of the CCB's significance in ensuring that things are done correctly.

Statistics:

  • The National Tax Fraud Investigation and Forensic Oversight Framework would be essential to improve Nigeria's tax system.
  • High-risk sectors targeted by the framework include telecommunications, oil and gas, banking, construction, maritime, and import trade.
  • Dr. Iliyasu Gashinbaki emphasized that 97% of tax fraud cases in Nigeria go unpunished (Source: CIFCFIN).
  • The proportion of tax revenue lost to fraud in Nigeria is estimated to be around 15% (Source: CIFCFIN).
  • CIFCFIN's membership consists of over 3,000 certified fraud examiners (Source: CIFCFIN website, 2022).

Sources:

  • CIFCFIN
  • Code of Conduct Bureau (CCB)