VAIDs: Buhari under pressure to extend tax amnesty period

ON MARCH 30, 2018


As the tax amnesty under the Voluntary Assets and Income Declaration Scheme (VAIDs) ends on Saturday, some private sector players are said to be lobbying President Muhammadu Buhari to extend the amnesty period. An official at the Presidency, who craved for anonymity, told newsmen on Friday that governors and company owners had called the President and Vice President to push for the extension of the programme.


President Buhari “We are expecting Mr President to make an announcement on the tax amnesty deadline by this weekend. “To be frank and honest, nobody knows whether the President will decide to extend it or not, but there has been calls by state governors and key private sector players calling for the extension. “However, it still remains unclear if the President will take the recommendation to extend it by another three months, since he had been advised otherwise by the Minister of Finance and Federal Inland Revenue Service (FIRS) chairman,’’ the source said. Meanwhile, the Adamawa state Commissioner for Finance, Mr Mahmoud Yunusa, told NAN that many of the states were in support of extending the tax amnesty past the March 31 deadline. “It should be extended because people are just beginning to buy into the programme. We see people coming up willingly to declare their assets and it shouldn’t end soon. “Nigerians deserve more time and I believe that some of them are still collating their assets to know their worth before doing so.


“Also, some haven’t declared because they operate businesses without any formal documentation so it will take time before they get their books in order. “So it’s my opinion that extending it for another six months would ensure better success,’’ he said. Yunusa lauded the programme, saying that in Adamawa State, it had helped the state to improve its Internally Generated Revenue (IGR) by more than 200 per cent despite still recovering from insurgency and recession. Also, Mr Tunde Dare, an economist, held the view that the VAIDs programme should be extended. “Even though I think the programme should be extended, I think the government went about this business of tax amnesty the wrong way. “I think the scheme should be aimed at capturing more people into the scheme without asking them to pay backlog of taxes,’’ he said.


Meanwhile, on Thursday, which was the last working day before the expiration of the programme, many accountants and lawyers stormed the offices of the FIRS to submit applications of their clients. NAN gathered that many tax defaulters, who had thought that the amnesty programme would be extended, were making last minute efforts to key into the scheme. The VAIDs programme was launched on July 1, 2017 and was expected to last for nine months. The government threatened to prosecute tax evaders that do not take advantage of the scheme thereby risking imprisonment of up to five years. According to the Minister of Finance, Mrs Kemi Adeosun, the Federal Government had the political will as well as the means to gather evidence that will enable it to prosecute tax evaders. She once said that using Project Lighthouse, a data mining agency, the government had been gathering information from different sources to enable it to identify and properly prosecute tax evaders after the expiration of the deadline.


She said information had so far been gathered from Bank Verification Number records, engagement with foreign private investigation firms on a retainership to trace assets of Nigerians abroad. Also, the Federal Government plans to use the Nigeria Financial Intelligence Unit records and land ownership records in locations like Maitama, Asokoro, Garki, Wuse, Banana Island, Magodo, Lekki, Ikoyi, and Victoria Island. The government further plans to beam its searchlights on people that over the years have received major payments from it or foreign exchange allocation and also people with private jets. Also, the Federal Government have agreements with many foreign governments like the United Arab Emirates and United Kingdom to get records of Nigerians with property there. The government also threatened to go after Nigerians who frequent tax havens as mentioned in the panama paper leaks. NAN


https://www.vanguardngr.com/2018/03/vaids-buhari-pressure-extend-tax-amnesty-period/

Mumu man

But wailers and the very bad ones among us claim that Buhari is not working. They claim, he is not diversifying and working wonders on the economy.

they should keep fooling themselves okay

SarkinYarki:
they should keep fooling themselves okay

Who is fooling who??

deji17:


Who is fooling who??

Deji is fooling them and they are fooling Deji okay

SarkinYarki:


Deji is fooling them and they are fooling Deji okay

You are fooling yourself. Cant you see that despite your lies and shenanigans, Buhari support base is still intact? Tax dodgers are begging FG, but you are here playing silly. Kwantinue..

deji17:
You are fooling yourself. Cant you see that despite your lies and shenanigans, Buhari support base is still intact? Tax dodgers are begging FG, but you are here playing silly. Kwantinue..

Ask yourself what exactly a tax dodge will be begging the govt for ? Is it amnesty the govt claims it has given them or more time to dodge tax ? Deji open your eyes please

SarkinYarki:


Ask yourself what exactly a tax dodge will be begging the govt for ? Is it amnesty the govt claims it has given them or more time to dodge tax ? Deji open your eyes please

They are begging govt for an extension of the amnesty period, so they can come forward and honestly declare their income and assets .

deji17:
They are begging govt for an extension of the amnesty period, so they can come forward and honestly declare their income and assets .

okay ooooo

VAIDS should be a continues program but this time more stricter.

Like requiring Ministers/Chairman's approval after showing enough proof of inability to settle accumulated previous tax debts

omowolewa:
VAIDS should be a continues program but this time more stricter.

Like requiring Ministers/Chairman's approval after showing enough proof of inability to settle accumulated previous tax debts

No matter the method, Nigeria must increase its tax base. 6% to GDP ratio is abysmal. Yet we have so many private jet owners. Owners of mansions and foreign assets, parading themselves as rich but do not pay tax to the Govt.

deji17:
No matter the method, Nigeria must increase its tax base. 6% to GDP ratio is abysmal. Yet we have so many private jet owners. Owners of mansions and foreign assets, parading themselves as rich but do not pay tax to the Govt.

You still believe the 6% story? our GDP is depressed already which Tax base increased. Fowler did a nice job


VAIDS must continue sha