Tax
defaulters and prospective taxpayers have been advised to seize the opportunity
provided by the Voluntary Assets and Income Declaration Scheme (VAIDS) or risk
having themselves exposed through data and a series of information-sharing
agreements to which Nigeria is a signatory.
The advice
was given in Lagos yesterday at a one-day training workshop organised for tax
professionals by the VAIDS office in the Federal Ministry of Finance.
In a paper
presented at the workshop, held at the Federal Palace Hotel, Victoria Island,
Lagos, Mr. Peter Ukonu of Financial Derivatives warned that the availability of
data from various sources makes it difficult for tax dodgers to evade the
attention of tax authorities.
Ukonu said
data had always been available, but not as integrated as they now are, noting
that cooperation among government agencies and tax authorities at federal and
state levels has ensured a profusion of data on incomes and assets, which would
be matched with lifestyle to yield a full picture of the tax status of an
individual or corporate entity.
Another
speaker at the event, Mr. Yomi Olagbenro of Deloitte, observed that tax
avoidance, especially for those with incomes and assets outside Nigeria, has
been made more difficult.
He explained
that the range of international instruments, which Nigeria is part of,
facilitates the sharing of information among tax authorities even without
request.
Olagbenro
stated the Automatic Exchange of Information (AEoI), which kicks in on January
1, next year, is one of such tools in the hands of tax authorities across
jurisdictions.
Mr. Ayo
Salami of KPMG Professional Services said not everything declared by an
individual would be taxed.He explained that tax authorities are aware that
certain categories of money are not taxable, but urged the taxpayers to
truthfully declare to comply with VAIDS, which is a time-limited opportunity
for taxpayers to put their tax affairs in order.
Minister of
Finance, Mrs. Kemi Adeosun, appealed to the media to give people with tax
liabilities the benefit of doubt in the hope that they would comply with VAIDS.
Guardian Nigeria
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