The Declaration Certificates, which was approved by the Minister of Finance, Kemi Adeosun, are to be given to taxpayers who voluntarily declared their previously undisclosed assets and income.
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The Chairman of the Federal Inland Revenue Service, Babatunde Fowler, revealed this in Abuja at a VAIDS workshop for state tax boards.
The partnership will beam searchlights on defaulting taxpayers who also refused to rely on the Federal Government’s tax amnesty programme, Voluntary Assets and Income Declaration Scheme, to offset their tax liabilities.
An official at the Presidency, who craved for anonymity, told the News Agency of Nigeria on Friday that governors and company owners had called the President and Vice President to push for the extension of the programme.
The FIRS boss explained that those under the impression that the government will be fazed by an avalanche of litigations that may arise at the closure of the VAIDS window on March 31 are mistaken.
According to the minister, the ease with which people evade taxes and get away with it is no longer possible because of the huge data on property ownership.
She gave this advice in response to the activities of some fake tax officials alleging to be officials of the Voluntary Assets and Income Declaration Scheme.
Adeosun in an interactive session on the VAIDS programme on Thursday in Kaduna stated that the Federal Government had the political will to prosecute tax evaders once the tax amnesty programme was over by March 31.
Adeosun also disclosed that the Federal 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.
Speaking in an interview at the weekend, the LIRS boss said the availability of information, locally and internationally, makes it virtually impossible for tax avoiders to escape detection.
The Kaduna State Government is hosting the VAIDS Stakeholders’ Symposium, which is expected to have in attendance Executive Chairman of the Federal Inland Revenue Service, Babatunde Fowler; members of the State Executive Council, members of the State House of Assembly and traditional rulers.
In the presentation, titled: “Achieving Voluntary Tax Compliance: The VAIDS Option,” the FIRS Chairman explained that the key motivation for introducing the scheme is that the country’s tax remittance rate remains low despite having some of Africa’s most profitable and well capitalised companies.
A source at the VAIDs office, told the News Agency of Nigeria that the unprecedented level of calls was not unconnected with the new UK regulation on Unexplained Wealth Orders.
According to the VAIDS office in the Federal Ministry of Finance, the first step for new taxpayers is to apply for a Tax Identification Number, which will be fast-tracked.
Tax payers are expected to within the period which terminates on March 31, 2018, honestly declare previously undisclosed assets and income and will benefit from forgiveness of overdue interest and penalties.
The VAIDS team will be led by the Finance Minister, Kemi Adeosun, whose ministry initiated VAIDS as a panacea to the country’s culture of low tax compliance.
The VAIDS team will be led by Kemi Adeosun, the Minister of Finance, whose ministry conceived VAIDS as a solution to the country ‘s defective tax system.
Speaking on Tuesday at the a one-day VAIDS Workshop for professionals in tax advisory services, Fowler, who was represented by Gbolaga Oshiga, urged Nigerians to truthfully declare their incomes and assets under VAIDS.
Udoma stated this on Friday at the private equity summit organised by Udo Udoma and Belo-Osagie Law Firm with the theme “Nigeria: Still Open for Business” in Lagos.
Fowler said the most important aspect of Nigeria’s tax administration, which required attention, was registration of taxpayers of all categories.