SAN FRANCISCO, June 29, (THEWILL) – The Acting President, Prof. Yemi Osinbajo, on Thursday signed an Executive Order to Back the Voluntary Asset and Income Declaration Scheme, VAIDS.
The order is to ensure that the scheme, as designed by the Ministry of Finance, is backed by the full force of the law, and to among other things lead to the payment of taxes and punishment of offenders after the nine-month grace period.
The executive order was signed during the formal launch of the VAIDS scheme at the Banquet Hall of the Aso Presidential Villa, Abuja.
It was witnessed by the Minister of Finance, Mrs Kemi Adeosun, as well as Governors Ibikunle Amosun, Nasir El-Rufai and Abdulaziz Yari of Ogun, Kaduna, and Zamfara states respectively.
Osinbajo explained that the new initiative is aimed at increasing tax awareness and compliance, as well as grant tax payers a time-limited opportunity to regularise their tax status without penalty.
He added that the scheme to be jointly executed by the federal and state governments, would focus on the obligations of all Nigerian companies and citizens to pay their taxes, wherever their income is earned, wherever they reside and no matter how rich they are.
