Presidency has declared a nine month amnesty for tax defaulters with effect from July 1.
From July 1 to December 31, Federal Ministry of Finance will offer waiver to tax defaulters on the payment of interest, penalty, prosecution on tax offences and tax audit.
Finance minister, Mrs Kemi Adeosun who announced the tax amnesty at the launch of voluntary assets and income declaration scheme in Abuja, said the waiver is a strong signal that the party is over for tax defaulters in the country.
Adeosun said the waiver after nine months within which tax defaulters are to pay their tax arrears, will not be repeated.
“We are doing two things today: we are sending a clear signal to tax evaders in our country that the party is over,” Kemi Adeosun, the minister of finance, said.
“We’re also calling on these evaders to do the right thing and rapidly come clean for the good of their country or face the full consequences of the law. This window of opportunity will never be offered again.
“The proceeds of this scheme will not disappear. They will be invested in key infrastructure projects and for clearance of pension arrears.”
Meanwhile, every Thursday has been declared ‘Tax Thursday’ to create awareness among Nigerians on the benefits in the payment of tax.
Acting President Yemi Osinbajo who announced this while launching the voluntary assets and income declaration scheme in Abuja, said the programme which will last one year, seeks to bring more four million people nationwide into the tax net.
Osinbajo explained that all the 214 Nigerians paying N20 million tax yearly are in Lagos State.
Tax evasion, according to the Acting President, is not limited to wealthy Nigerians, but individuals and companies.