Nigeria gets $110m from voluntary declaration of income, assets

2018 NECO GCE (Nov/Dec) – Revised Final Timetable (See Details) – Click Here


Nigeria’s Voluntary Assets and Income Declaration Scheme, VAIDS, has yielded about $110m from two companies who have taken advantage of the opportunity offered by the scheme to declare their assets and taxable income.

The Nigerian government is also targetting over one billion dollars from the scheme, which offers a grace period from July 1, 2017 to March 31, 2018, for Nigerians to voluntarily declare and pay their tax.

Minister of Finance, Kemi Adeosun, stated this while briefing State House correspondents after Wednesday’s meeting of the Federal Executive Council presided over by Vice President Yemi Osinbajo.
Cross Section of Ministers during Federal Executive Council Meeting at the Presidential Villa in Abuja on Wednesday

Read Also  FBN, Stanbic, StanChart, Zenith Appointed Settlement Banks for Naira/RMB Currency Swap

Adeosun said that the tax amnesty has been “very well received” and that her office has “started getting declarations from companies who are looking to regularize their tax status.” Adeosun said that the first batch of 500 letters has been sent to Nigerians, inviting them to declare their assets and incomes.

She said the recipients of the letters have started responding and asking for time to pay.

“This is indeed very good news for Nigeria as it will help reduce over reliance on oil,” Adeosun said, adding that “it will improve our tax revenue so that whether oil prices are high or low, we will be able to provide basic services for our people.”

Download e-books for education and research for FREE - Click Here

Read Also  Development Bank of Nigeria to lend N5bn to over 20,000 MSMEs

According to her, the Bank Verification Number, BVN, and the Corporate Affairs Commission, CAC, provided information used to send the 500 letters.

“We also looked at people who had come out in the Panama and Paradise papers; we look at people who have companies being paid by the government but are not paying the right taxes,” she said.

Click Here to Join Newsnow Nigeria WhatsApp Group for Breaking News Alerts

 

Follow Us on FACEBOOK, TWITTER

Do You Know Nigeria? Attempt 10 simple questions on Nigeria for FREE and Win FREE N500 Airtime – Click Here to Participate!

For your news articles, press release, Breaking News, send e-mail to [email protected]

Get the latest BREAKING NEWS inside your e-mail address inbox; fill the form below and click the subscribe button
English Premier League – Fixtures, Results and Table - Click Here Nigeria Premier Football League – Fixtures, Results and Table - Click Here

Read Also  Tasty Time MD Arraigned for Fake Product

Read Related News....