Acting President Yemi Osinbajo has declared every Thursday for the next one year “Tax Thursday” in order to further raise awareness.
Federal Government has declared every Thursday “Tax Thursday”, to create awareness on payment of tax and accrued benefits.
Osinbajo, speaking at the launching of the Voluntary Assets and Income Declaration Scheme, (VAIDS) on Thursday said the programme would target at least four million new taxpayers from the 36 states and the Federal Capital Territory.
Nigeria hopes to raise at least $1 billion from VAIDS, a scheme that will give tax evaders a chance to make payments retrospectively.
The Ministry of Finance said the scheme would give evaders immunity from prosecution, penalty charges and interest if they “regularise their tax status” between July 1 and December 31, 2017.
It said tax evaders who delayed participation until after December 31 would be liable for interest on overdue tax balances.
International asset tracers and investigative specialists have been appointed to assist the government in tracing assets held by Nigerians, the ministry said in an emailed statement.
“Anticipated funds to be raised are at least $1 billion, which will reduce Nigeria’s borrowing needs, allow investment in vital infrastructure and spur development,” said the finance ministry statement.
The country’s record N7.44 trillion 2017 budget, signed into law recently, seeks to increase capital expenditure to stimulate growth.
Economists have long criticised the low levels of tax in Africa’s most populous country and in March the government laid out plans to increase its overall tax to GDP ratio to 15 per cent by 2020 from 6 per cent now.
The ministry said in May that it would increase the interest rate on unpaid taxes to discourage companies and individuals from paying late and racking up a larger debt.
The government has previously announced plans to increase a luxury goods tax to 15 per cent from five per cent
