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Acting President signed an Executive order to back the VAIDS
The launch of the VAIDs and the signing of the Executive Order mean that paying tax in Nigeria is as inevitable as death.
Nigeria's Acting President Yemi Osinbajo speaks at a Dialogue meeting in Abuja, Nigeria.
This Order was signed on Thursday, June 29, 2019, during the formal launch of the VAID scheme at the Banquet Hall of the State House, Abuja.
“Starting today, every Thursday will be tax Thursday across Nigeria, for tax enlightenment and awareness.
Today I declare that paying Taxes is our duty to our nation, and I declare the Voluntary Assets and Income Declaration Scheme open.”
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Osinbajo also stated that the tax collection condition in the country is very low considering the wealth of citizens and companies in Nigeria.
“Taxes not only about boosting government revenues. When people pay taxes they hold the government to account more. Only 214 Nigerians pay taxes of N20 million or more each year. A personal tax bill of N20 million implies personal income of N80 million."
“All of these 214 Nigerians who pay N20m or more in taxes annually are to be found in Lagos State. I’m sure in this room (and I’m not looking at anyone), there are another 214 people who earn more than N80 million annually."
“Tax evasion not limited only to wealthy Nigerians. Also not limited to individuals. Many companies maintain 2-3 sets of books,” he said.
The Acting President also stated that the country is now a party to the new global standard on Automatic Exchange of Information (AEOI). The initiative would help sharing of income on income and assets of individuals between countries in the agreement.
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The AEIO program would begin in 2018.
The launch of VAID scheme was attended by attended by the Minister of Finance, Mrs Kemi Adeosun alongside other top government officials.
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