Tax defaulters to know fate after June 30

as Buhari extends VAIDS Grace period

 President Muhammadu Buhari may have yielded to the calls for an extension of the Voluntary Assets and Income Declaration Scheme(VAIDS) grace period to June 30, 2018.

According to a statement by the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, the short extension after the original March 31 deadline expired was based on appeals by professional bodies and individual taxpayers.

Adesina quoted the President as saying that no further extension of time would be approved after June 30.

Inaddition, he explained that the new deadline was arrived at on the conviction of the Ministry of Finance that the overall objective to increase compliance would be attained and additional revenue would accrue to the government.

The presidential spokesman indicated that a fresh Executive Order would be made to give legal backing to the new timeline.

“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. Nigeria’s growth needs are such that every Nigerian must do their duty to their nation, neighbour and themselves.

“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.”said Buhari in the Statement

The President further urged tax authorities to use the extension window to perfect plans to prosecute those who failed to regularise their tax status.

You may recall that Buhari launched the Economic Recovery and Growth Plan and VAIDS last year as a tax amnesty programme, and the first in the series of reforms that would transform the country’s tax system and provide sustainable and predictable funding for all tiers of government.

The VAIDS policy also protects any person or corporate organizations that made full and honest declaration, some waiver on penalties and interest that should have paid on overdue taxes.

Moreso, those who declare their tax obligations honestly will be shielded from any investigation or tax audit after the June 30 date.

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