Nigeria extends tax amnesty with more 3 months
Nigerian government on Wednesday approved the extension of tax amnesty programme—the Voluntary Assets and Income Declaration Scheme (VAIDS)—to June 30.
VAIDS is an opening for defaulting taxpayers to come up and pay the taxes owed without facing additional charges as stipulated by law. Nigeria started the VAIDS programme on July 1st 2017 and said it would end on March 31st.
Vice President, Yemi Osinbajo communicated the approval at the Federal Executive Council meeting (FEC) held today, noting that no further extension of time will be approved after June 30.
Quoting President Muhammadu Buhari as cited by the official tweeter handle @NGRPresident, “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 his duty to his nation, to his neighbour, and to himself.
“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.
Newsmen equally gathered that the short extension after the original March 31 date was based on the appeals of professional bodies and individual taxpayers.
However, ‘no further extension of time will be approved after June 30’Presidency said.
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.
A fresh Executive Order will be made to give legal backing to the new timeline.
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.”
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.”
President Buhari further urged tax authorities to use the extension window to perfect plans to prosecute those who fail to regularize their tax status.
He further said that ‘VAIDSNG’ is one of the key policies being used by the Federal Government to reposition the Nigerian economy and correct inherited underdevelopment.