Fowler, who was speaking on the newly launched Voluntary Assets and Income Declaration Scheme (VAIDS) on Arise TV, Wednesday, said those whose public lifestyle exceeds their declared income will be questioned by the FIRS.According to him a person who earns N2 million and owns a house worth N50 million and a car worth N10 million, will have to answer to the tax office.
“This country requires those taxes to develop too. Nobody will develop Nigeria except we start developing it,” he said.|||
“For example, if you declare that you own a car of N10 million, and a house worth N50 million, your clothes, including your suit, watch and tie maybe worth a million naira and you declare that you earn N2 million year, the question would be if you earn such amount yearly, how can you afford the house, the car, the expensive suit and the wrist watch?”
“These are the questions we are asking. So we believe quite frankly that Nigerians can be law abiding.”
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He explained that the new tax scheme gives Nigerians the liberty to declare their assets and amount of profit they earn.
Acting President Yemi Osinbajo on Friday June 30, signed the VAIDS, at the State House, Abuja, the Federal Capital Territory.
The Scheme encourages voluntary disclosure of previously undisclosed assets and income for the purpose of payment of all outstanding tax liabilities. The Scheme will offer a limited waiver for declaration within the specified period of time.