The Intelligent Use of Incentives Towards Curtailing Corporations Use of Tax Evasion and Avoidance, Abusive Transfer Pricing and All Form of Illicit Financial Flows

In undertaking the preparation of this paper, many authorities were consulted in journals, books and conference papers to get an insight into the meaning of illicit financial flows such as: abusive transfer pricing, capital flight, proceeds of tax evasion and avoidance, money laundering among others. Beyond the literature review, we equally embarked on an empirical, normative, and practical approach to give a detailed understanding of what illicit financial flow means and it vices. We accomplished this through the use of questionnaire which was distributed among tax students and accounting students in the University of Lagos. Also we went to tax firms and accounting firms such as ASOS tax firm, Mak Consul Tax and accounting firm among others to solicit for their views on the subject. The paper suggested among others that government should embark on moral suasion of corporate executives to desist from illicit financial flow because of its long term negative implication on their corporations' image and integrity if found wanting