The deadline given by the Nigeria federal government for tax amnesty under its Voluntary Assets and Income Declaration Scheme (VAIDS) draws nearer, and Babatunde Fowler, the executive chairman, Federal Inland Revenue Service (FIRS) warned that there would be no sacred cows after the cut-off date, March 31, 2018.
This was said in an interview at the weekend in Lagos, where Fowler advised prominent Nigerians with tax liabilities to take advantage of the tax amnesty as political, social or economic prominence will not insulate them from sanctions for non-declaration.
According to Fowler, the government would enforce the laws on tax administration once the deadline ends.
He said, “what comes after the deadline is that we shall follow the laws that deal with tax administration and for those that are not the complaint, we shall investigate them and if need be we prosecute them. “We shall take all actions in line with the law, which include the stoppage of their business activities and if need be, the sale of assets.”
According to him, VAIDS offers all categories of tax debtors an opportunity to regularise their status and come clean.
He also warned that failure to take advantage of the tax amnesty programme, which ends on March 31, will attract a number of sanctions, including the payment of penalties and interests on owed taxes, tax audit, and prosecution.
Asked if Nigerians with strong social and political connections would not escape sanctions for failure to comply with the VAIDS, Fowler explained that the laws against tax avoidance did not respect political, social or corporate positions.
Asked if Nigerians with strong social and political connections would not escape sanctions for failure to comply with the VAIDS, Fowler explained that the laws against tax avoidance did not respect political, social or corporate positions.
