Pay your Tax or be disgraced - Osinbajo
Tue Aug 22, 2017 10:16:am Finance
4.2K By Abdulkerimu Oare
- Wealthy Nigerians have 90 days to declare taxes or be disgraced.
- Government plans to go hard on tax evasion.
Whilst Speaking at the 57th Annual Conference of the Nigerian Bar Association (NBA) in Lagos, the Vice President of Nigeria Yemi Osinbajo announced that wealthy Nigerians and corporate bodies evading tax have 90 days to declare appropriate taxes or face the full wrath of the law.
The Vice President said "A personal tax of N20 million implies an income of N80 million a year with majority of them based in Lagos State.
"Tax evasion is not just a civil matter but is also a crime", he said.
"We have established the Beneficial Ownership Scheme where wealthy Nigerians who have been avoiding paying their taxes have been given a 90-day period of grace after which if they don't disclose what they own in order to pay tax, they will face the full wrath of the law.
"A few wealthy Nigerians have approached us to disclose what they own," he stated.
This announcement is in line with the executive order signed regarding the Voluntary Assets and Income Declaration Scheme (VAIDS), aimed at facilitating tax collection by revenue collection agencies.
- Government plans to go hard on tax evasion.
Whilst Speaking at the 57th Annual Conference of the Nigerian Bar Association (NBA) in Lagos, the Vice President of Nigeria Yemi Osinbajo announced that wealthy Nigerians and corporate bodies evading tax have 90 days to declare appropriate taxes or face the full wrath of the law.
The Vice President said "A personal tax of N20 million implies an income of N80 million a year with majority of them based in Lagos State.
"Tax evasion is not just a civil matter but is also a crime", he said.
"We have established the Beneficial Ownership Scheme where wealthy Nigerians who have been avoiding paying their taxes have been given a 90-day period of grace after which if they don't disclose what they own in order to pay tax, they will face the full wrath of the law.
"A few wealthy Nigerians have approached us to disclose what they own," he stated.
This announcement is in line with the executive order signed regarding the Voluntary Assets and Income Declaration Scheme (VAIDS), aimed at facilitating tax collection by revenue collection agencies.
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