Acting President, Osinbajo has also offered nine
months grace period to tax payers to regularise
their tax status or face criminal prosecution for
tax offences.
Osinbajo gave the ultimatum in Abuja on Thursday
at the inauguration of the Voluntary Assets and
Income Declaration Scheme (VAIDs).
He said the scheme was specially targeted at
taxpayers who had not declared their taxable
incomes and assets, as well as those who don’t pay
at all, and those who had been underpaying or
under remitting.
Osinbajo said the scheme would cover all federal
and state taxes such as companies’ income tax,
personal income tax, petroleum profit tax, capital
gains tax, stamp duties and tertiary education
tax.
Osinbajo said that those who failed to take
advantage of the nine months grace period would
face criminal investigation and if found guilty
may face up to five-years jail term.
Also, only 214 Nigerians pay taxes of about N20
million annually and about 900 Nigerians pay N10
million as tax every year.

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