BOYE Consultants,LLC

A very insightful checklist for those interested in the Biotech Sector

In light of the Executive order signed by President Buhari..the Nigerian government previously signed bilateral agreement that allows the US Government Internal Revenue service to compel Foreign banks to report information about US citizens having account with them . All US citizens having Foreign accounts or Signatory on Foreign accounts even if they have no financial interest on FBAR or Form 8938 Currently at least 80 Nigerian banks have enrolled and registered with the I...RS to report assets and accounts of US citizens with their banks . It will seem logical that the Nigerian Government will require Foreign Financial institutions to "snitch " on their foreign national account holders under such bilateral agreements , nevertheless the 35% seems high but compared to the 50% penalty by the US, its somewhat lighter. The hunt is on by governments to compel compliance., See more