JUST IN: FG offers fresh 9-month tax amnesty

The federal government on Thursday launched its
Voluntary Asset and Income Declaration Scheme (VAIDS) to broaden
the country’s tax base and offer incentives for tax
evaders.

According to the ministry of finance, the tax amnesty will run
for the next nine months, effective from July 1, 2017.

From July 1 to December 31, 2017, the government is offering
“waiver of interest and penalty, no prosecution of tax offences and
no tax audit” to all tax evaders who declare their “hidden
assets”.

From January 1 to March 31, there will only be “waiver of
penalty, no prosecution of tax offences and no tax audit”.

“We are doing two things today: we are sending a clear signal to
tax evaders in our country that the party is over,” the ministry of
finance said via a statement.

“We’re also calling on these evaders to do the right thing and
rapidly come clean for the good of their country or face the full
consequences of the law. This window of opportunity will never be
offered again.”

The proceeds of this scheme will not disappear. They will be
invested in key infrastructure projects and for clearance of
pension arrears.

More Details Later

The federal government on Thursday launched its
Voluntary Asset and Income Declaration Scheme (VAIDS) to broaden
the country’s tax base and offer incentives for tax
evaders.

According to the ministry of finance, the tax amnesty will run
for the next nine months, effective from July 1, 2017.

From July 1 to December 31, 2017, the government is offering
“waiver of interest and penalty, no prosecution of tax offences and
no tax audit” to all tax evaders who declare their “hidden
assets”.

From January 1 to March 31, there will only be “waiver of
penalty, no prosecution of tax offences and no tax audit”.

“We are doing two things today: we are sending a clear signal to
tax evaders in our country that the party is over,” the ministry of
finance said via a statement.

“We’re also calling on these evaders to do the right thing and
rapidly come clean for the good of their country or face the full
consequences of the law. This window of opportunity will never be
offered again.”

The proceeds of this scheme will not disappear. They will be
invested in key infrastructure projects and for clearance of
pension arrears.

More Details Later