minister of Finance, Mrs Kemi Adeosun made this known in Lagos at a
lecture at PWC’s Business School, with the theme: ‘Voluntary Assets and
Income Declaration Scheme (VAIDS) Interactive Session for Executives and
The government has also engaged the services of asset
tracing-companies to investigate the tax payment status of 150
firms/individuals. The minister also disclosed that tax defaulters will
“We are working alongside projects we have locally, like the Bank
Verification Number (BVN), records of property ownership, records of
property allocation, records of company ownership from the Corporate
Affairs Commission (CAC), among others.
It is from these projects that we look at how much tax such companies or individuals should be paying”.
”The investigators’ findings will enable us compare the income and
how much tax the company/person is really paying, and that gives us lots
of information. But we encourage people to come up and pay their taxes
“You can register a high-end car. It tells me something about your
income. So we look at your tax returns. If you registered Mercedes
E-Class and you are paying N100,000 tax, then something is wrong.
Those are red flags. We now have the capacity to assess people accurately.”
Going further, she said no Nigerian would be left out in the campaign
to enlarge the tax net, noting that some beggars were earning millions.
She said the government will look at their lifestyles and tax them,
adding that “even proceeds from begging are taxable. You are supposed to
pay taxes even if your means of income is begging”.