Skip to main content

Presidency Extends VAIDS Deadline To June 30, 2018


President Muhammadu Buhari on Wednesday approved the extension of the Voluntary Assets and Income Declaration Scheme to June 30, 2018.
According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the extension after the original March 31 date was based on the appeals of professional bodies and individual taxpayers.
Adesina quoted the President as saying that no further extension will be approved after June 30.
He further quoted Buhari as explaining 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.
The presidential spokesman indicated that a fresh Executive Order will 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,” he quoted the President as saying.
Buhari urged Nigerian companies and individuals to join government in the rebuilding mission, “and do the right thing by taking this window of extension to regularise.”
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.”
The President further urged tax authorities to use the extension window to perfect plans to prosecute those who fail to regularise 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 6% 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.
Buhari had last year launched the Economic Recovery and Growth Plan 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.
Taxes redistribute wealth from those who have more to those who have less, and VAIDS is one of the windows to achieve such.

Comments

Popular posts from this blog

Usain Bolt Shows Off His Football Skills As He Trains In South Africa (Photos)

World’s fastest man, Usain Bolt seems to have finally kick-started his football career. The retired Olympian looked like a natural as he trained with the South African Premier Division leaders on Monday. The Jamaican attended the practice session in Johannesburg…. Bolt has previously expressed his desire to play for Manchester United following his retirement from the race track. And the 31-year-old kicked off his football career with a training session with Mamelodi Sundowns at Chloorkop. The world’s fastest man was introduced to the team through their joint sponsor – Puma. He got stuck in with the session, and the clubs official Twitter page shared videos of the superstar in action. After that, he paid a visit to the Puma School of Speed – which is an organisation set up to find the next generation of talent. The Jamaican chatted to the children, threw gifts into crowd and posed for photographs with several lucky fans. See more photos below:-

WordPress vs. Blogger – Which one is Better? (Pros and Cons)

We are often asked by new users  why they should use WordPress  instead of free blogging services like  WordPress.com  or Blogger? WPBeginner is the largest resource site for WordPress beginners, so it is obvious that we favor WordPress over other blogging platforms. In this article, we will do a WordPress vs Blogger comparison to help you decide which one is better for your needs. We will cover all WordPress vs Blogger pros and cons, so you can make the best decision when it comes Blogger vs. WordPress as a platform for your site. Important:  Please note that this comparison is between self-hosted WordPress.org and Blogger, not WordPress.com vs Blogger. Please see our guide on the difference between self-hosted  WordPress.org vs Free WordPress.com  blog. 1. Ownership Blogger is a blogging service provided by the tech giant Google. It is free, reliable most of the time, and quite enough to publish your stuff on the web. However, it is not owne...

Serious Warning: Checkout Top 10 Signs That You Are At Risk Of A Stroke

There are certain signs that point towards the fact that you are at serious risk of having a stroke. These are some of those signs. If you are above 40, you must read this. If you had seen anybody, with even a mild stroke, you will understand that this is not an illness you will wish your worst enemy. Most of my patients at the brink of strokes, were rescued by my medical teams, by just paying attention to the 10 under listed points. Prof Heidi Moawad has done a lot of research on stroke, he compiled 10 signs, that if observed will allow us to live happily ever after. How would you know if you were at the risk of a stroke? While there is no absolute way to know that, you will, or will not ever have a stroke in your lifetime, there are signs that indicate, that you are at high risk of stroke. The good news is that you can do something about every one of these signs, so as to significantly lower your stroke risk. Please Pay attention. 1) Your blood pressure is out of cont...