By Dipo Olowookere
Deadline for the Voluntary Assets and Income Declaration Scheme (VAIDS) has been extended to Saturday, June 30, 2018.
The extension was approved on Wednesday, April 11, 2018, by President Muhammadu Buhari after the initial deadline expired on Saturday, March 31, 2018.
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 percent of GDP and 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.
Explaining why Mr Buhari approved the extension, Special Adviser to the President on Media and Publicity, Mr Femi Adesina, said in a statement yesterday that it was “based on the appeals of professional bodies and individual taxpayers.”
However, the President’s spokesman emphasised that no further extension of time will be approved after June 30.
He said the President pointed out 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.
According to him, a fresh Executive Order would be made to give legal backing to the new timeline.
“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,” Mr Buhari was quoted as saying in the statement.
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.
