The Federal Government is to publish names of tax defaulters with effect from March 31, 2018.
Speaking in Abuja on Thursday during the unveiling of Voluntary Assets and Income Declaration Scheme (VAIDS), Acting President, Yemi Osinbajo explained that VAIDS will be operated from July 1, 2017 to March 31, 2018 to give opportunity to tax defaulters to regularise their tax affairs.
Osinbajo who also signed executive order to support the scheme, said those who have diverted Nigeria’s legitimate tax revenues abroad or concealed them at home should face the full force of the law.
According to him only 214 Nigerians located in Lagos State are paying taxes of N20 million and above annually.
He also said that about 914 Nigerians, all located in Lagos State except two in Ogun State, pay taxes of N10 million and above annually.
Osinbajo said government is committed to tax revenue accountability, adding that tax revenues would be a driver of real lasting progress in the country.
Explaining further, the Acting President said:“The issue of accountability in tax revenue is one that this government is fully ready and able to address. In our war on waste and inefficiency at all levels we have positioned ourselves to ensure that tax revenues will be a driver of real lasting progress.
“Based on information on tax evasion that is now available, our personal preference is that those who have diverted Nigeria’s legitimate tax revenues abroad or concealed them at home, should taste the full force of the law. However, the extent of noncompliance coupled with the urgent need to revive the economy has persuaded all of our policy makers that we adopt the pragmatic approach of declaring a time limited programme of the VAIDS.
“VAIDS will be operated from July 1, 2017 to March 31, 2018. It will be supported by an executive order that I will sign into law today. VAIDS will offer a once in a lifetime opportunity to those in default to regularise their tax affairs.
“This is an offer in the spirit of national reconciliation and rebuilding and must be taken as such. In addition because we understand that those some tax payers may have challenges raising tax, we have built in a system that will allow those owing to pay over a period of time subject to conditions.
“Upon expiry of the scheme we will consider those who have failed to take advantage of this offer or who have declared falsely, to be wilful tax defaulters and economic saboteurs.
