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Nigerian Govt To Prosecute Tax Defaulters.

The Federal Government will from April 1 this year start the prosecution of tax defaulters who fail to take advantage of the nine-month amnesty window provided by the Voluntary Assets and Income Declaration Scheme.

It said that from that date, special tax courts would be established to prosecute those who failed to regularise their tax status under VAIDS.

The Minister of Finance, Mrs. Kemi Adeosun, said these on Tuesday in Abuja during a live breakfast show, ‘Good Morning Nigeria’, aired by the Nigerian Television Authority.

VAIDS offers a grace period from July 1, 2017 to March 31, 2018 for tax defaulters to voluntarily pay back to government what they owe.

In exchange for full and honest declaration, the government promises to waive penalties that should have been levied and the interest that should have been paid on overdue taxes.

Also, those who declare their tax obligations honestly will not be subjected to any investigation or tax audit after the nine-month grace period.

The minister said the government was aware of the slow nature of the judicial system and would be setting up special courts to fast-track the adjudication of tax-related offences under the VAIDS initiative

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About Olaniyi Apanpa (398 Articles)
Olaniyi Apanpa is a media practitioner and sports enthusiast. Contact at greenballmedia51@gmail.com

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