Many Nigerians can’t match their lifestyle, assets with paid tax - Finance minister

Adeosun advised offshore asset owners in Nigeria to utilise the VAIDS window to regularise their taxes before the end of the amnesty programme.

The Nigerian Finance minister, Kemi Adeosun has said many Nigerians are tax defaulters and can’t match their lifestyles, assets with their tax payments.

Adeosun also said Nigerians that have failed to take the advantage of the current tax amnesty programme, VAIDS, will be named, shamed and prosecuted according to the tax laws in Nigeria.

“FG has the political will and data to go after tax evaders who fail to take advantage of the tax amnesty programme that ends on March 31, 2018. Many Nigerians cannot explain their lifestyles or match their lifestyles, assets and income with their tax payment,” the Finance minister said.

Adeosun also advised offshore asset owners in Nigeria to utilise the VAIDS window to regularise their taxes before the end of the amnesty programme.

However, the Finance minister announced that Nigerian 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).

In July 2017, the Federal Inland Revenue Service, FIRS said it collected a total sum of N1.782tn in tax revenue between January and July 2017.

The figure represents an increase in tax revenue of N224.14 billion when compared to the N1.558tn collected in the same period in 2016.

The Executive Chairman, FIRS, Tunde Fowler also projected raising the N828 billion annual Value Added Tax collection in 2016 to N1.8 trillion in 2017, representing over 125 percent increase.

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