You may have heard that the Acting President has added another Executive order to his impressive line of business/economy-friendly executive orders today. It’s an order that accompanies the newly launched Voluntary Assets and Income Declaration Scheme (VAIDS).
The VAIDS is a new initiative which seeks to encourage more Nigerians to declare and be more upfront about paying taxes. The Ministry of Finance under Mrs Kemi Adeosun has constantly lamented the tax figures in Nigeria ( only 214 Nigerians currently pay taxes up to the tune of 20 million).
The VAIDS aims to create a “time-limited opportunity for taxpayers to regularize their tax status relating to previous tax periods and pay any taxes due. In exchange for fully and honestly declaring previously undisclosed assets and income, tax payers will benefit from forgiveness of overdue interest and penalties, and the assurance they do not face criminal prosecution for tax offences or tax investigations”.
According the Acting President, “only two things certain in life: death and taxes” and as such from today, Thursdays will now be dedicated #TaxThursdays on which government officials will spread tax enlightenment and awareness.
“Today I declare that paying Taxes is our duty to our nation, and I declare the Voluntary Assets and Income Declaration Scheme open”, he concluded.
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