The Minister of Finance, Kemi Adeosun has debunked allegations that the Voluntary Asset and Income Declaration Scheme (VAIDS) is a tool by the President Muhammadu Buhari-led Federal Government to witch-hunt political opponents.
Adeosun explained that the VAIDS is not a political agenda but solely aimed at raising funds for the nation’s development.
Speaking on the issue of tax payment during her appearance on a special Channels Television programme, The Core, on Wednesday, Adeosun said VAIDS is justified as it pursues Nigerians who earn and have acquired more assets and income.
According to her, those who pay tax in Nigeria are low-income earners and salary earners whose taxes are deducted at source.
She said: “When it comes to tax, there is no Peoples Democratic Party (PDP) or All Progressives Congress (APC). It is an equal opportunity, an amnesty. It is not a political tool, we want money to develop our country.
“Most of the taxpayers we have in Nigeria today are salary earners. They are about 94% of our taxpayers. I think we have about 14million taxpayers and 13.5million are pay as you earn. So, those are people whose income tax is being deducted at source. These are largely low-income earner.
“So would it be fair for those who made the most and have the most to be forgiven? Because if we do that, then we should also refund those who have actually paid their taxes. In the spirit of fairness, we think it is right the way we designed it,” she said.
“In our experience, we find out that those who have really stolen money do not come out to declare for tax. They hide under the radar.
“What we found out largely is that because our economy is so informal, there were just a large number of people making money and not paying anything over a long period of time,” she said.
DAILY POST reports that VAIDS is a Federal Government initiative for assets declaration and in exchange for fully and honestly declaring previously undisclosed assets and income, taxpayers benefit from forgiveness of overdue interest and penalties.
The Minister of Finance has earlier revealed plans to aggressively go after tax evaders to prosecute them and publicly reveal their identities. She said on Thursday, March 1 during the VAIDS Stakeholders symposium at the Shehu Yar’Adua Centre, Murtala Square, in Kaduna State that tax evaders will be prosecuted, named and shamed.
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