Buhari Extends Amnesty For Tax Evaders Till June 30
President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30, 2018.
According to a statement by the Presidency, the short extension after the original March 31 date is based on the appeals of professional bodies and individual taxpayers.
Mr Buhari however warned that there will be no further extension of the VAIDS after the June 30 deadline elapses.
The VAIDS programme, which had offered tax defaulters room to regularise their taxes without prosecution, ended on March 31.
Recall that Kemi Adeosun, Minister of Finance had promised to name and prosecute all tax evaders following the expiration of the programme.
The minister also warned Nigerians evading tax, that the Federal Government had put in place a data mining mechanism to fish them out.
But Mr Buhari on Wednesday said the new approval was based on the conviction of the finance ministry that the overall objective to increase compliance will be attained, and additional revenue will accrue.
President @MBuhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30, 2018.
— Presidency Nigeria (@NGRPresident) April 11, 2018
2/ The short extension after the original March 31 date is based on the appeals of professional bodies and individual taxpayers.
However, no further extension of time will be approved after June 30.
— Presidency Nigeria (@NGRPresident) April 11, 2018
3/ The President added that a new date was also given, based on the conviction of @FinMinNigeria that the overall objective to increase compliance will be attained, and additional revenue will accrue.
— Presidency Nigeria (@NGRPresident) April 11, 2018
4/ A fresh Executive Order will be made to give legal backing to the new timeline.
— Presidency Nigeria (@NGRPresident) April 11, 2018
5/ According to President @MBuhari, “For a nation of people who are competitive and driven, it is not a pride that we are the lowest performer in tax to GDP, not just in Africa, but in the world.”
— Presidency Nigeria (@NGRPresident) April 11, 2018
6/ “Nigeria’s growth needs are such that every Nigerian must do his duty to his nation, to his neighbour, and to himself.”
— Presidency Nigeria (@NGRPresident) April 11, 2018
7/ “Hiding monies overseas, evading taxes by manipulation, and other unwholesome practices, have never developed a country, and for Nigeria to attain her true potential, these must stop.”
— Presidency Nigeria (@NGRPresident) April 11, 2018
8/ The President urged Nigerian companies and individuals to join government in the rebuilding mission, “and do the right thing by taking this window of extension to regularize.”
— Presidency Nigeria (@NGRPresident) April 11, 2018
9/ He added that the right thing may not be convenient or comfortable, “but in the long run, we will all have a nation we can be proud of.”
PMB further urged tax authorities to use the extension window to perfect plans to prosecute those who fail to regularize their tax status.
— Presidency Nigeria (@NGRPresident) April 11, 2018
10/ @VAIDSNG is one of the key policies being used by the Federal Government to reposition the Nigerian economy and correct inherited underdevelopment.
— Presidency Nigeria (@NGRPresident) April 11, 2018
Launched in July 2017, VAIDS is a weekly public enlightenment campaign to sensitize Nigerians to embrace voluntary declaration and prompt payment of taxes.
Following the development, the government declared every Thursday “Tax Thursday”, earmarked to sensitize citizens on the importance of tax and its role in the development of the country.