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. (NAN)
The Federal Operations Unit (FOU) of the Nigeria Customs Service (NCS) yesterday said it impounded over N1.461 billion contraband from suspected smugglers in Lagos and Ogun states in the past two weeks
Notable among the seized items were 13 types of exotic cars valued at about N258.140 million.
The Customs Controller in charge of FOU Zone A, Ikeja, Mohammed Uba, made this disclosure at a press conference held yesterday at the unit’s headquarters.
Uba said among the detained 13 exotic vehicles were one Toyota Land Cruiser (2018), one Escalades Cardilac (2017), one Range Rover (2014), three Toyota Camry (2009, 2010 and 2017 models) one Toyota Rav 4, one Toyota Highlander (2014), one Toyota CRV, one Honda Accord, one BMW salon, one Toyota Sienna, and one Hyundai.
He said though the vehicles were still under detention pending the grace period allowed for the owners to bring relevant customs document, failure on the part of the owner would mean outright forfeiture.
He said: “The interception was done while on patrol at various locations within our area of jurisdiction.
“These 13 detained exotic vehicles alone have a duty paid value of N258,137,766.98.
“It will interest you to know that among the detained vehicles in our previous briefing, 64 of them have been converted to seizure after all necessary legal procedures were followed within the week under review, but they are still awaiting court condemnation.”
Comptroller Uba further stated that the unit, through its intervention, recovered in the month of March alone the sum of N166.208 billion from duty payments and demand notices on general goods from seaports, airport and border stations.
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