Newsexpress banner Camano banner
Buhari extends VAIDS deadline to June 30

By News Express on 11/04/2018

Views: 946


 

President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30.

The approval for the extension of the deadline is contained in a statement issued by the President’s Special Adviser on Media and Publicity, Mr Femi Adesina, in Abuja on Wednesday.

According to the statement, the short extension after the original March 31 date is based on the appeals of professional bodies and individual taxpayers.

The statement, however, maintained that no further extension of time will be approved after June 30.

It stated that a new date was also given, based on the conviction of the Ministry of Finance that the overall objective to increase compliance will be attained, and additional revenue will accrue.

It said that a Fresh Executive Order would be made to give legal backing to the new timeline.

“For a nation of people who are competitive and driven, it is not a pride that we are the lowest performer in tax to GDP, not just in Africa, but in the world.

“Nigeria’s growth needs are such that every Nigerian must do his duty to his nation, to his neighbour, and to himself.

“Hiding monies overseas, evading taxes by manipulation, and other unwholesome practices, have never developed a country, and for Nigeria to attain her true potential, these must stop,’’ President Buhari was quoted as saying in the statement.

The President urged Nigerian companies and individuals to join government in the rebuilding mission, “and do the right thing by taking this window of extension to regularize.”

He added that the right thing may not be convenient or comfortable, “but in the long run, we will all have a nation we can be proud of.”

President Buhari further urged tax authorities to use the extension window to perfect plans to prosecute those who fail to regularize their tax status.

VAIDS is one of the key policies being used by the Federal Government to reposition the Nigerian economy and correct inherited underdevelopment.

The country has one of the lowest tax collection rates in the world at just six per cent of GDP. This was partially a function of the reliance on oil that saw us abandon the historical revenue collection systems and switch to a culture of sharing resources, rather than generating them.

President Buhari had in 2017 inaugurated the Economic Recovery and Growth Plan (ERGP), and the VAIDS tax amnesty is first in the series of reforms that will transform our tax system and provide sustainable predictable funding for all tiers of government.

Tax revenues will ensure that public infrastructure is provided, and public services are funded to improve the lives of the people. (NAN)

Source News Express

Posted 11/04/2018 7:18:45 PM

 

 

CLASSIFIED ADS

 

You may also like...
I reveal my cleavages in a classy way...

For the love of President Buhari, By Abdulrazaq...

South Africa set to quit International Criminal Court...

FG appeals to ASUU to shelve strike

Traffickers used Russia’s World Cup to enslave us:...

RIGHTSVIEW: Kano and Abia: Astonishing ironies of governance...

The only way to actualise Biafra: PDP BoT...

EFCC stalls N177m fraud case

Cancer kills dreaded Mafia boss nicknamed ‘The Beast’...

Super Eagles demolish Argentina 4-2 in Russia

2016/2017 Census to be beyond reproach, says NPC...

Osun Governor-elect, Oyetola, unfolds agenda

 

Latest News Orji Kalu strikes oil deals in Venezuela Prison warder who sells drugs to prisoners nabbed in Jos NMA kicks as Police arrest, detain doctor who attempted to save suicide victim Banditry: Angry relatives display 14 corpses of victims before Emir of Katsina, Masari Police to divert traffic on routes to Presidential Election Tribunal venue today Okorocha cries out: They are after me again! 160 jostle for 33 permanent secretaries’ seats in Kano Police arrest mastermind of Kaduna mob action resulting in death of 3 Medical student commits suicide for failing exams Nigeria shuts four foreign missions FG approves N25bn allowances for ASUU members Aviation unions to disrupt flight activities, declare indefinite strike today

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (480,820 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (419,719 views) Shameless Genevieve Nnaji exposes breasts in public (358,265 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (306,423 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (270,626 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (241,466 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (229,408 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (211,168 views) 10 cars more expensive than Jets (202,906 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (200,490 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (181,435 views) Lagos plane crash: Journalist releases victims’ names (181,404 views)

 

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (91) Business & Economy (4,273) Business Verdict (71) Columnists (1,031) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (614) Features (752) Global Business Monitor (363) ICT Monitor (43) International (3,470) Interview (179) Live Commentary (29) Love Matters (161) Maggie's Blog (272) News (46,406) Opinion (1,243) Pidgin (17) Politics (10,804) Religion (1,005) Sports (2,011) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera