Finance Minister Mrs. Kemi Adeosun has revealed that cash rewards of whistleblowers are taxable adding that the tax are deducted from source.
Adeosun disclosed this on Wednesday in Abuja while speaking to State House Correspondents after the Federal Executive Meeting presided over by the Vice-President, Prof. Yemi Osinbajo.
The minister in response to question bordering on the whistleblower policy of government fired at her, said that the person(s) who blew the whistle on the N13bn recovered in an Ikoyi flat would be paid by month’s end.
She explained some of the policy guidelines saying money are paid directly to whistleblowers and tax deducted on it before payments are made.
“The Ikoyi Whistle-blower was part of November’s batch, the payment is due to be made, it is ready, it has been approved. Every month we process these batches, it is done confidentially, we have to protect whistle-blower.
“The only condition we now need to fulfil is that the money has to be paid to the personal account of the person that who gave us the information. We won’t pay a lawyer or a company, we have to pay the person who signed the agreement.
“That is the procedure, we are just waiting for the BVM data of that particular one, all the others have given us, the money is ready and approved.
“We also make sure that all applicable taxes are paid ahead. We get in touch with the state government where the person lives and we get them to compute the tax and we pay the tax directly and issue a receipt. So nobody can come after the person afterward because that process could also expose the identity and put them at risk. So we built in these procedures to protect the Whistleblower.”