appearing President Yemi Osinbajo has supplied nine months grace duration to tax payers to regularise their tax status or face prison prosecution for tax offences.
Osinbajo gave the ultimatum in Abuja on Thursday on the inauguration of the Voluntary assets and income announcement Scheme (VAIDs).He mentioned
“The scheme will probably be operated from July 1, 2017 to March 31, 2018.
“it is going to be supported with the aid of an govt order, which i will signal into law as of late to provide a once in a life time possibility to these in default to regularise their tax affairs. “In alternate for full and honest announcement, tax evaders will obtain immunity from prosecution, forgiveness of penalty and interest that’s due on unpaid taxes.
they are going to additionally get the full assurance that all data provided will stay confidential. as well as, participants in the scheme is probably not chosen for audit investigation for the period.“
We remember that some tax payers may have issues raising cash and for this reason, we have in-built a machine that will permit these as a result of pay over a time period.’’ .
according to the acting president, this is topic to prerequisites. Osinbajo stated that those who didn’t make the most of the 9 months grace period would face prison investigation and if discovered responsible may just resist five-years penitentiary time period.
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