Acting President Yemi Osinbajo has offered nine months grace period to tax payers to regularise their tax status or face criminal prosecution for tax offences.
Osinbajo gave the ultimatum in Abuja on Thursday at the inauguration of the Voluntary Assets and Income Declaration Scheme (VAIDs).He said
“The scheme will be operated from July 1, 2017 to March 31, 2018.
“It will be supported by an executive order, which I will sign into law today to offer a once in a life time opportunity to those in default to regularise their tax affairs.
“In exchange for full and honest declaration, tax evaders will receive immunity from prosecution, forgiveness of penalty and interest that is due on unpaid taxes.
“They will also get the full assurance that all information provided will remain confidential.“In addition, participants in the scheme will not be selected for audit investigation for the period.“We understand that some tax payers may have problems raising cash and for that reason, we have built in a system that will allow those owing to pay over a period of time.’’
According to the acting president, this is subject to conditions.
Osinbajo said that those who failed to take advantage of the nine months grace period would face criminal investigation and if found guilty may face up to five-years jail term.