The federal government yesterday
disclosed that it has identified a new batch of over 130,000 high net worth
individuals and companies with potential tax underpayments.
It identified the common
violations by non-compliant tax payers to include under-declaration of and
non-declaration of income earned, collection of Value Added Tax, VAT, charging
of non-allowable personal expenses to company accounts, particularly with reference
to overseas school fees and inconsistency between income declared for tax
purposes and the value of assets owned.
The Minister of Finance, Mrs Kemi
Adeosun, who stated this while featuring on the Good Morning Nigeria programme
of the Nigerian Television Authority, NTA, disclosed that Project Lighthouse
was currently compiling the data in preparation for the closure of the ongoing
Voluntary Assets and Income Declaration Scheme, VAIDS, which ends on March 31,
2018.
Project Lighthouse is a unique
project of the Federal Ministry of Finance that combines data from federal and
state agencies as well as from abroad. DAILY POST recalls that the federal
government had expressed its resolve to from the 1st of April begin the
prosecution, naming and shaming of tax evaders who failed to utilise the tax
amnesty programme.
According to the minister, “The
data have been received from a number of sources, including land registries of
the Governments of Lagos, Kaduna, Kano and Ogun States as well as the Federal
Capital Territory.
“In addition, Nigeria has been
able to request data from a number of nations, including traditional tax
havens. The data have been received from a number of foreign jurisdictions
under the exchange of information protocols.
“Under the exchange of
information protocols, this information relates to bank records and financial
filings for tax purposes and is obtained from tax havens who are signatories to
the information sharing agreements such as British Virgin Islands and
Mauritius.”
Adeosun further stated that the
data received from other countries would only be used for taxation purposes in
line with the protocols governing the exchange of information.
She said, “the sole interest of
the federal and state governments in the use of the data is in raising tax
revenues. There is absolutely no hidden agenda on the use of the data”.
The minister however hailed the
‘unprecedented’ level of cooperation between the federal and state governments,
which she said is a marked change from the past when the various arms of
government did not align their efforts.
She advised non-compliant
taxpayers to seek professional advice and to also consult relevant literature
available from the tax authorities on tax rules, and underscored federal
government’s commitment to raising tax revenues, which are essential in growing
the economy and create jobs for Nigerians.
Adeosun cited the fact that just
N1million could feed over 14,200 primary school children under the Homegrown
School Feeding programme as well as creating many jobs in the agricultural
sector.
When asked if the federal
government would extend the deadline of the tax amnesty programme, she ruled
out an extension of the deadline, saying sufficient period had been given to
taxpayers to voluntary and truthfully declare their assets and income, which
had not been declared previously.
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