One month to the March 31, 2018 deadline for Nigerians and residents in the country to regularize their tax payment records, Minister of Finance has once again enjoined the nation’s 70m economically active to take advantage of the window opened by the Federal Government on July 1, 2017, under its Voluntary Assets and Income Declaration Scheme (VAIDS).
Identifying regular tax payment by Nigerians as fundamental to the growth and development of the country, she said predictable tax revenue inflow would lead to more investment by the Federal and State Governments in infrastructure, as well as job and wealth creation nationwide.
In a statement by Oluyinka Akintunde, her Special Adviser, Media & Communications, warned that tax defaulters would be subjected to investigations as well as made to face criminal prosecution for tax offences, lamenting a situation where “just 14m (or 20%) tax payers out of 70m who are economically active.
The scheme embraces all Federal and State taxes such as Companies Income Tax, Personal Income Tax, Petroleum Profits Tax, Capital Gains Tax, Stamp Duties, Tertiary Education Tax, Technology Tax, Tenement Rates, and Property Taxes and covers all back taxes for the last six years in line with the statutory periods of limitation under the relevant tax statutes.
“So, many people who should be paying are not paying anything. It is the development of taxes that will help the States and the Federal Government to achieve their true potentials.
“Payment of taxes is a fundamental requirement for our growth story. Nigeria has a very poor scorecard in tax payment. When oil came, we abandoned the old systems of tax collection that provided most of our infrastructure since colonial days.
Meanwhile, the Kaduna State Government will on Thursday, March 1, 2018, host the VAIDS Stakeholders’ Symposium where Governor Nasir el-Rufai and Mrs. Adeosun would address business leaders, business owners and tax payers.
Also expected is Executive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler; members of the State Executive Council, members of the State House of Assembly and traditional rulers.
Also invited to the sensitisation meeting are business groups, tax advisers, captains of industries, professional and artisan bodies, and other strategic economic groupings within Kaduna State and environs.