Ag Yemi Osinbanjo: All Tax Evaders Will Be Prosecuted • inauguration of the Voluntary Assets and Income Declaration Scheme (VAIDs) in Abuja on Thursda...
Ag Yemi Osinbanjo: All Tax Evaders Will Be Prosecuted
• inauguration of the Voluntary Assets and Income Declaration Scheme (VAIDs) in Abuja on Thursday 29, 2017.
After signing the 2017 budget and the promise to sign the 2018 budget very soon, the acting president of Nigeria, Prof. Yemi Osinbanjo has on Thursday called on the tax evaders in the country to pay up according to the law within a period of Nine-month or be prosecuted under criminal charges. The AG President made this known at the official inauguration of the Voluntary Assets and Income Declaration Scheme (VAIDs) in Abuja on Thursday, June 29th, 2017.
The new scheme according to Prof. Yemi Osinbanjo is an initiative of President Buhari-led administration which was designed to assist taxpayers who haven’t declared their taxable income and assets as well as who haven’t pay at all including those who are paying their taxes gradually by remittance in the country in other to correct their irregularities.
Prof. Yemi Osinbajo said the initiative scheme will cover all federal and state taxes including companies’ income tax, personal income tax, petroleum profit tax, capital gains tax, stamp duties and tertiary education tax.
Osinbanjo said the scheme will begin its operation from tomorrow, July 1st, 2017 till March 31, 2018:
- “The President Buhari-led initiative scheme, ‘Voluntary Assets and Income Declaration Scheme (VAIDs)’ will begin operation from July 1, 2017 to March 31, 2018. It will be fully supported by an executive order, which I will sign into law today to offer a once in a life time opportunity to those in default to regularise their tax affairs. In exchange for full and honest declaration, tax evaders will receive immunity from prosecution, forgiveness of penalty and interest that is due on unpaid taxes. They will also get the full assurance that all information provided will remain confidential. In addition, participants in the scheme will not be selected for audit investigation for the period. We understand that some tax payers may have problems raising cash and for that reason, we have built in a system that will allow those owing to pay over a period of time.”
Osinbanjo added that the Federal government would immediately start a sensitisation across the nation on the scheme and tax in general to ensure compliance.
- “To this end, we have agreed that every Thursday starting from today, and for the next one year will be declared Tax Thursday. We expect the Federal Inland Revenue Service (FIRS) and every state government to organize sensitisation events that would raise awareness of the tax system to ensure massive enrollment of new tax payers. We must enroll at least 4 million tax payers and increase the level of payment among the 14 million already registered tax payers. We expect that all state governors will personally lead this initiative and support the work of the 7,500 community tax liaison officers that would be employed shortly.”
Quoted Articles Source And Credit To: LIB