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Friday, 30 June 2017

'Pay Your Tax Or Go To Jail' - Acting President sinbajo Gives 9 Month Deadline To Tax Evaders

Acting President Yemi
Osinbajo has warned tax evaders to pay their tax or face the
punishable offenses associated with not paying taxes.


Osinbajo gave the ultimatum
in Abuja on Thursday at the
inauguration of the Voluntary
Assets and Income
Declaration Scheme (VAIDs).

He said; "The scheme will be
operated from July 1,
2017 to March 31, 2018.


"It will be supported by
an executive order,
which I will sign into law today to offer a once in a life time
opportunity to those in
default to regularise
their tax affairs.

"In exchange for full and honest declaration, tax
evaders will receive
immunity from
prosecution, forgiveness
of penalty and interest
that is due on unpaid taxes.
They will also get the
full assurance that all
information provided
will remain confidential. In addition, participants in
the scheme will not be
selected for audit
investigation for the
period."
We understand that some tax payers may have problems raising cash and
for that reason, we have built in
a system that will allow
those owing to pay over a period of time.'' According to the acting
president, this is subject to
conditions. Osinbajo said that those who failed to take
advantage of the nine
months grace period would face criminal investigation
and if found guilty may face
up to five-years jail term.

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