Shell Energy Entrepreneurs banner Yudala banner
FG launches aggressive tax drive, deploys 1,710 tax officers to 33 states

By News Express on 27/11/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 349

•Finance Minister Kemi Adeosun
•Finance Minister Kemi Adeosun

The Federal Government has recruited and trained 2,190 community tax liaison officers (CTLOs) under the Voluntary Assets and Income Declaration Scheme (VAIDS), Kemi Adeosun, Minister of Finance, has revealed.

Adeosun said that a total of 1,710 CTLOs have been deployed to 33 states, out of the 2,190 tax officers recruited and trained to raise awareness about the scheme and taxation in general.

The minister also confirmed the review of the tax profiles of companies that received major payments from the Federal Government in the last five years.

A statement by Oluyinka Akintunde, Special Adviser, Media & Communications to Minister of Finance, said Adeosun made this disclosure at the weekend in Lagos at a workshop organised by the Federal Ministry of Finance, Federal Inland Revenue Service and Joint Tax Board for lawyers, accountants and other professionals advising clients on participation in the VAIDS.

The CTLOs are currently operating in Adamawa, Cross River, Delta, Edo, Enugu, Kaduna, Kwara, Lagos, Nassarawa, Niger, Ogun and Oyo, among others.

VAIDS, an initiative of the Federal Ministry of Finance in collaboration with the state tax authorities, is a revolutionary programme that provides tax defaulters a nine-month opportunity to voluntarily and truthfully declare previously untaxed assets and incomes.

The tax amnesty period is expected to lapse on March 31, 2018.

Job creation is one of the spin-offs of the VAIDS initiative, with the scheme expected to create a total of 7,500 opportunities for Nigerians as CTLOs through the N-Power scheme of the Federal Government.

Adeosun asserted that there was no hiding place for tax evaders residing in Nigeria or abroad, noting that the Federal Government had put in place a data mining mechanism to fish out evaders.

The minister said, “The unique cooperation between the various arms of Federal Government, state governments and foreign governments has provided an unprecedented level of data that allows the Nigerian government to profile taxpayers accurately and identify those whose lifestyle and assets are not consistent with their declared income.

“A lot of data mining is going on daily, both locally and internationally, on property ownership and other items. Data is an extremely powerful tool that is now being utilised. For instance, we have reviewed all companies that received major payments from the Federal Government in the last five years and found that even those who made money from government, under-declared.”

The minister further noted that the government’s tax compliance team had looked at import records and compared the value of goods imported to the tax declarations of the importers, but the discovery was worrisome as “the variance was disturbingly wide”.

“On personal income taxes, we reviewed property and company ownership as well as registration of high value assets and foreign exchange allocations, which gives us a sense of the lifestyles of the persons.

“But again, we found major non-compliance. In some cases, people declared as little as N10 million as income but purchased expensive property overseas and in Nigeria, registered high specification vehicles and funded luxurious personal events costing multiples of the declared income.

“We have blocked a major loophole by using data to profile tax payers. Thus, someone owning properties across multiple states and overseas can selectively declare knowing that tax authority had no means of cross checking.

“This is especially the case with overseas assets and income where state governments lacked jurisdiction. But with the centralisation of data under Project Lighthouse within the Federal Ministry of Finance, a major loophole has been plugged,” she added.

She reiterated the willingness of the Federal Government to prosecute tax evaders after the tax amnesty period had elapsed.

Adeosun, therefore, called on professionals to advise their clients to uphold honesty in the declaration of their assets and income as well as the regularisation of their tax status.

The minister further told the gathering of professional advisers that the Federal Government had compiled a list of 500 prominent Nigerians with property and trusts abroad in order to determine their tax compliance status at home.

The 500 prominent Nigerians, according to her, will receive their letters beginning from today, asking them to take advantage of the tax amnesty to regularise their tax status and avoid prosecution and fines.

She said, “The first 500 letters are ready and will go out this week but there are many more. Receiving the letter is not an accusation of deliberate wrongdoing but rather a notice that the data suggests possible underpayment and a prompt to check compliance.

“It is premature to call such persons tax evaders as there are many reasons that taxpayers may have failed to comply. We will only label people as real tax evaders when the amnesty deadline expires and they have failed to regularise. Such persons can then legitimately be called tax evaders, as their non-participation in VAIDs indicates that they are willful tax evaders. We will then proceed to apply the full weight of the law.”

The minister indicated that non-receipt of a letter should not be taken as an indication that government had not identified a potential evader.

“We are sending out thousands of letters to those in the high risk categories but our advice is that every person and every company should do a self-assessment and take advantage of VAIDs to correct any under declaration, irrespective of whether they get a letter,” she added. (Independent)

Source News Express

Posted 27/11/2017 11:22:06 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
You must work for your pay, Kogi tells...

Military nabs 6 over Taraba communal clash, recovers...

SPECIAL REPORT: Okorocha’s many lies and long list...

CBN to boost business opportunities

Wrongful dismissal: Again, HEDA petitions Presidency, seeks reinstatement...

Akpokona optimistic of Insurance FC’s return to glory;...

Biafra: “Nnamdi Kanu apologise to Buhari? Impossible!”

Amnesty International demands immediate release of El-Zakzaky and...

Obiano presents mass transit buses to Anambra workers,...

Buhari has led Nigerians from the frying pan...

Ayade offers N1m for information on kidnappers

Senate to investigate Southern Kaduna killings

 

Latest News Nigerian oil magnate jailed in UK Principal, 2 others suspended for flogging students Nigerian Banker gives birth inside plane FG to demolish 1,400 houses in Ogun State for rail project 67 percent Nigerians live below poverty line District Head, 11 others nabbed for kidnapping Nigeria demands AfDB’s West Africa Regional Office in Abuja Corps members give birth in orientation camp Kidnapped Bayelsa ex-commissioner regains freedom but soldier’s fate unknown Nigeria slams $875mn suit on JP Morgan over Malabu oilfield deal My accusers are dancing on graves of those killed in Omoku — Obuah Teachers Sack: Kaduna NUT calls off strike, backs El-Rufai

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (315,337 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (305,141 views) Shameless Genevieve Nnaji exposes breasts in public (244,755 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (201,440 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (190,094 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (179,361 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (155,527 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (139,739 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (136,033 views) Lagos plane crash: Journalist releases victims’ names (124,483 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (121,694 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (118,943 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,854) Business Verdict (32) Columnists (792) Complaints & Requests (94) Enterprise & Opportunities (200) Entertainment (431) Features (541) Global Business Monitor (222) International (1,744) Interviews (139) Live Commentary (28) Love Matters (100) News (32,003) Opinion (865) Pidgin (10) Politics (4,356) Religion (666) Sports (1,406) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Thierry Henry in Lagos Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!