President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30, 2018.
The extension after the original March 31 date was based on the appeals of professional bodies and individual taxpayers, according to a statement on Wednesday by the President’s Special Adviser on Media and Publicity, Femi Adesina.
Buhari said that no further extension of time will be approved after June 30, 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 accrue to government.
He said 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 contribution 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. For Nigeria to attain her true potential, these must stop,” Buhari said.
He 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.”
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