FG offers amnesty for tax offenders

The federal government stepped up its efforts to increase the tax base and offer incentives to those not inclined to pay taxes as it Thursday launched the voluntary asset and income declaration scheme (VAIDS).

The scheme unveiled by the ministry of finance will run for the next nine months, starting from July 1, 2017.

Between July 1 and 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”.

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

“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.”

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