- To name, shame defaulters
BY COBHAM NSA, ABUJA – The Federal Government will name, shame and prosecute individuals and organisations that fail to regularise their tax profiles when the tax amnesty programme, the Voluntary Assets and Income Declaration Scheme (VAIDS) deadline expires on March 31, 2018.
Minister of Finance, Mrs Kemi Adeosun warned that there will be no sacred cows as the government has the political will to deal with all tax defaulters once the amnesty ends.
“The Federal Government has the political will and data to go after tax evaders who fail to take advantage of the tax amnesty programme. Many Nigerians cannot explain their lifestyles or match their lifestyles, assets and income with their tax payment.
“We will close VAIDS at the expiration of the programme on March 31, 2018. And once the programme is closed, we will name and shame and also prosecute tax evaders”, Mrs Adeosun warned.
Also, the Minister said government would strictly adhere to the confidentiality of the Automatic Exchange of Financial Account Information in Tax Matters, in line with the guidelines of the Organisation for Economic Cooperation and Development (OECD).
Addressing VAIDS Stakeholders’ Symposium at the Umaru Shehu Yar’Adua Centre, Murtala Square in Kaduna State on Thursday, Mrs Adeosun said individuals and companies that fail to regularise their tax profiles must henceforth face the full wrath of the law for their misdemeanors.
Speaking on data sharing confidentiality with foreign countries, Adeosun assured that information sourced would be deployed strictly for tax purposes, saying; “The guideline requires that the automatic exchange of financial account information must be specifically designed with residence jurisdictions’ tax compliance in mind rather than be a by-product of domestic reporting for it to be effective.”
The Minister, who said it is imperative to rely on automatic exchange of information in combating tax evasion and protecting the integrity of tax systems, maintained that ‘VAIDS has been strengthened by the data on financial accounts, property and trusts shared by other countries.’
Calling on offshore asset owners to regularise their taxes before the VAIDS amnesty window closes, Mrs Adeosun said; “The offshore tax shelter system is basically over. Those who have hidden money overseas are being exposed and whilst Nigerians can legally keep their money anywhere in the world, they must first pay any taxes due to the Nigerian Government so that we can fund the needs of the masses and create jobs and wealth for our people.”
In his remarks, Governor Nasir el-Rufai of Kaduna State lauded the collaboration between the Federal and State Governments on tax payment, pledging to provide land ownership data to tax authorities at both Federal and State levels, as part of measures to bring more income earners and asset owners into the tax net.
He promised to judiciously deploy revenue from taxes towards improving the living standards of Kaduna residents through investment in infrastructure, primary health and education.
Also speaking at the forum, Executive Chairman of Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler said all hands must be on deck in the task of improving the living standards of Nigerians through tax payment compliance.
At the Stakeholders’ sensitisation forum were Governor of Kaduna State, Mallam Nasir el-Rufai; Accountant General of the Federation (AGF), Alhaji Idris Ahmed; Executive Chairman of FIRS, Babatunde Fowler; members of Kaduna State Executive Council; captains of industries and business owners.
