The Federal Government has obtained the names of 500 Nigerians implicated in various cases of tax fraud across the country. Mr Laolu Akande, the Senior Special Assistant on Media and Publicity to the President (Office of the Vice President) disclosed this while briefing State House correspondents on the outcome of the meeting of the National
Economic Council (NEC), held in Abuja on Thursday. The meeting was presided over by Vice-President Yemi Osinbajo. Akande told the correspondents that the Minister of Finance informed the Council the affected individuals were found to have under declared their assets.
He, however, stated that the Federal Government had plan to provide amnesty to those repentant tax defaulters in the country. “On the Voluntary Aid Assets and Income Declaration Scheme, the minister said there was progress and the list of 500 Nigerians who were believed to have under declared their assets has already been obtained.
“She said the scheme would offer an amnesty opportunity for all tax defaulters,’’ he added. “The Voluntary Assets and Income Declaration Scheme (VAIDS) was formally inaugurated on June 29, by the federal government. “VAIDS is an initiative designed to encourage voluntary disclosure of previously undisclosed assets and income for the purpose of payment of all outstanding tax liabilities.” On Value Added Tax, Akande said the minister also informed the Council that the highest amount of N89 billion was generated in the month of October.
“She also added that the target was N120 billion monthly. The presidential aide also disclosed that an Ad-Hoc Committee had reported back to the Council that a number of revenue-generating agencies might have significantly under remitted returns to the Federation Account. The Council had ordered a forensic audit to review of remittances of the agencies covering 2010 to May 2015. (NAN)