Acting President Yemi Osinbajo, has issued 9 months of grace to tax
payers to regularize their tax status or face criminal prosecution for
Osinbajo gave the ultimatum in Abuja on Thursday at the inauguration
of the Voluntary Assets and Income Declaration Scheme (VAIDs).
“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 regularize 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 and
he added that those who failed to take advantage of the 9 months period
of grace would face criminal investigation and face up to five-years
jail term if found guilty.