President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30, 2018.
The short extension after the original March 31 date is based on the appeals of professional bodies and individual taxpayers.
However, no further extension of time will be approved after June 30.
The President added that a new date was also given, based on the conviction of the Ministry of Finance that the overall objective to increase compliance will be attained, and additional revenue will accrue.
A fresh Executive Order will be made to give legal backing to the new timeline.
According to President Buhari, “For a nation of people who are competitive and driven, it is not a pride that we are the lowest performer in tax to GDP, not just in Africa, but in the world.
“Nigeria’s growth needs are such that every Nigerian must do his duty to his nation, to his neighbour, and to himself.
“Hiding monies overseas, evading taxes by manipulation, and other unwholesome practices, have never developed a country, and for Nigeria to attain her true potential, these must stop.”
The President urged Nigerian companies and individuals to join government in the rebuilding mission, “and do the right thing by taking this window of extension to regularize.”
He added that the right thing may not be convenient or comfortable, “but in the long run, we will all have a nation we can be proud of.”
President Buhari further urged tax authorities to use the extension window to perfect plans to prosecute those who fail to regularize their tax status.
VAIDS is one of the key policies being used by the Federal Government to reposition the Nigerian economy and correct inherited underdevelopment.
The country has one of the lowest tax collection rates in the world at just 6% of GDP. This was partially a function of the reliance on oil that saw us abandon the historical revenue collection systems and switch to a culture of sharing resources, rather than generating them.
President Buhari had last year launched the Economic Recovery and Growth Plan (ERGP), and the VAIDS tax amnesty is first in the series of reforms that will transform our tax system and provide sustainable predictable funding for all tiers of government.
Tax revenues will ensure that public infrastructure is provided, and public services are funded to improve the lives of the people.
Taxes redistribute wealth from those who have more to those who have less, and VAIDS is one of the windows to achieve such.
I just want to say I’m beginner to blogging and truly liked you’re web-site. Very likely I’m likely to bookmark your blog post . You absolutely have perfect articles and reviews. Bless you for sharing with us your blog site.
http://pioneer-sentinel.com/2013/08/12/whats-new-at-the-library/ Racist Skank Adeline Bababikov has cheap rates – call/text for appt 303-949-0383 720-513-3865
high line pointe review
high line pointe apartments
high line pointe
high line pointe apartments
high line pointe
hello!,I like your writing very much! share we communicate more about your article on AOL? I need a specialist on this area to solve my problem. Maybe that’s you! Looking forward to see you.
683470 939942Quite informative and amazing bodily structure of content material , now thats user friendly (:. 473988
623140 819363I really like the look of your web site. I lately built mine and I was searching for some concepts for my site and you gave me some. Could I ask you whether you developed the site by youself? 929925
188085 144754I saw lots of website but I believe this one contains something particular in it in it 99049
760511 111728I got what you intend,bookmarked , quite decent web site. 120472
308321 623629Id have to talk to you here. Which isnt something Which i do! I enjoy to reading a post that really should get men and women to feel. Also, thank you for permitting me to comment! 646473
153048 875454Oh my goodness! an incredible write-up dude. Thanks a ton However We are experiencing problem with ur rss . Dont know why Cannot enroll in it. Can there be any person discovering identical rss dilemma? Anyone who knows kindly respond. Thnkx 43734
68692 777979Hello! I could have sworn Ive been to this blog before but after browsing by means of some of the post I realized it is new to me. Anyways, Im definitely happy I discovered it and Ill be book-marking and checking back regularly! 632525
702514 220063Woh I like your content material , saved to favorites ! . 227709
149113 850478I gotta bookmark this internet site it seems extremely useful . 345443
638137 442030when i was a kid, i enjoy to receive an assortment of birthday presents like teddy bears and mechanical toys, 116897
994849 788775Hello my family member! I wish to say that this post is wonderful, excellent written and come with approximately all vital infos. I would like to see extra posts like this . 204245
962307 283501This kind of publish appears to get yourself plenty of visitors. How will you acquire traffic to that? It provides a terrific special twist upon issues. I guess having something traditional or perhaps substantial to give information on will be the central aspect. 800395
790571 159086Wow that was strange. I just wrote an extremely long comment but right after I clicked submit my comment didnt appear. Grrrr well Im not writing all that over once again. Regardless, just wanted to say wonderful weblog! 593315
469687 645822It can be difficult to write about this subject. I think you did a great job though! Thanks for this! 347434
904630 990679I quite glad to discover this web site on bing, just what I was searching for : D as nicely saved to favorites . 915060
299777 421826Inexpensive Gucci Handbags Is normally blogengine significantly greater than wp for reasons unknown? Need to be which is turning out to be popluar today. 72404
185216 530341Xanax (Alprazolam) is used to treat anxiety disorders and panic attacks. Alprazolam is in a class of 562110
537761 154508Sorry for the huge review, but Im truly loving the new Zune, and hope this, as properly as the exceptional reviews some other individuals have written, will help you decide if it is the proper choice for you. 978198
674681 846516Some genuinely fantastic information , Gladiola I detected this. 944060
213427 52923Sweet internet site, super style and design , truly clean and use friendly . 172565
Akrep Burcu Erkeği Özellikleri
351281 563588baby strollers with high traction rollers really should be considerably safer to use compared to those with plastic wheels- 591391
84653 308084Its truly a fantastic and useful piece of info. Im happy that you just shared this valuable info with us. Please stay us informed like this. Thank you for sharing. 960785
333531 354675A weblog like yours ought to be earning considerably money from adsense..-., 985263
364481 422571woah i like yur website. It actually helped me with the details i wus looking for. thank you, will save. 656188