The Minister of Finance, Mrs Kemi
Adeosun has disclosed that tax defaulters in the country risk at least five
years jail and asset forfeiture.
Her warning is coming even as the
Acting President, Prof. Yemi Osinbajo, will on Thursday, June 29, launch the
Voluntary Asset and Income Declaration Scheme (VAIDS), a new tax reform
programme of the Federal Government aimed at increasing tax awareness and
compliance.
The Minister, in a statement in
Abuja yesterday said: “Punishment for evasion is severe. All tax evaders, when
identified, are subject to the full force of Nigerian and international law,
including imprisonment of up to five years. There are also extra severe
penalties of up to 100 per cent of the outstanding tax due, compound interest
at 21 per cent per annum and forfeiture of assets.
“The plan to be executed jointly
by federal and state governments, concentrates on the national duty of all
Nigerian companies and citizens to pay their taxes wherever their income is
earned, wherever they reside and no matter how rich they are,” she stated.
Adeosun added that tax evasion
leaves an unfair burden of payment on the poorest Nigerians.
She, however, expressed joy that
regulatory change was enabling easier access to information across the world
for government to track taxable obligations of the citizens.
She said: “International
agreements effective 2018 make the exchange of banking information across
borders automatic. Nigeria has signed agreements with a number of nations (US,
UK, Canada, UAE, Switzerland, Mauritius, Panama and Bahamas) – all of whom have
pledged support and cooperation to exchange information on citizens that is
relevant for tax purposes.”
Adeosun further revealed that tax
evaders who want to avoid the full force of the law have between July 1 and
December 31, 2017 to regularise their tax status in exchange for immunity from
prosecution of tax offences and a tax audit, and be absolved from penalty
charges and interests.
She said the government targets
at least $1 billion from this initiative, assuring that the funds would be
judiciously and transparently spent.
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Government should wake up to its own responsibilities b4 looking forward to collecting Nigerians personal belongings, thieves that have been looting Nigerian funds for years, what have the government done to them, how will people trust such government and commit putting in their mo ey in tbe system as tax. Government should wake up first.
ReplyDeleteOleeeeeeeeeeeeee! U want to jail them for 5years and u can't jail those criminals eating tax payers money. Make I see u for my domot whether no b one leg u go carry go ur useless house. U people are just mad.
ReplyDelete