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Tax: FG declares Thursdays as tax awareness day

by O. S David
The Federal Government of Nigeria has declared Thursday as “Tax Thursday”, this is to create awareness among Nigerians

Tax: FG declares Thursdays as tax awareness day

-Bisi Oludare

The Federal Government of Nigeria has declared Thursday as “Tax Thursday”, this is to create awareness among Nigerians on payment of tax and accrued benefits.

The programme is aimed to educate Nigerians on the value of TAX and importance of paying it.

Acting President Yemi Osinbajo, who made the declaration in Abuja on Thursday, said the programme will last one year, and will target at least 4 million new taxpayers from the 36 states and the Federal Capital Territory.Mr. Osinbajo spoke at the launching of the Voluntary Assets and Income Declaration Scheme, VAIDS.

Mr. Osinbajo spoke at the launching of the Voluntary Assets and Income Declaration Scheme, VAIDS.

“When people pay taxes they pay more attention to what Govt is doing. There’s a greater level of political & social consciousness VAIDS

Taxes not only about boosting Govt revenues. When people pay taxes they hold Govt to account more.

Only 214 Nigerians pay taxes of 20 million Naira or more each year. A personal tax bill of 20m implies personal income of N80m.

All of these 214 Nigerians who pay N20m or more in taxes annually are to be found in Lagos State.

“I’m sure in this room (and I’m not looking at anyone), there are another 214 people who earn more than N80m annually.”

Tax evasion not limited only to wealthy Nigerians. Also not limited to individuals. Many companies maintain 2-3 sets of books.

Nigeria now party to the new global standard on Automatic Exchange of Information (AEOI), which kicks off 2018.

Starting today, every Thursday will be Tax Thursday across Nigeria, for tax enlightenment and awareness

VAIDS will be supported by an Executive Order which I will sign today. It’ll last from July 1, 2017 until March 31, 2018

“Today I declare that paying Taxes is our duty to our nation, and I declare the Voluntary Assets and Income Declaration Scheme open.”

 

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