The federal government has fine-tuned plans to
punish and possibly jail entertainers who evade taxes
after the nine-month grace period set out by the
recently launched voluntary asset and income
declaration scheme (VAIDS).
TheCable learnt that for 15 months, the federal
government via various agencies and departments, to
include the private sector, has been gathering
information on tax compliance of many celebrities and
high net worth individuals in the country.
“Highly qualified” agents of the federal ministry of
finance have worked with the banks, Nigeria Financial
Intelligent Unit (NFIU), bureau de change (BDCs),
Corporate Affairs Commission (CAC), to monitor the
degree of tax compliance of many celebrities and high
net worth individuals.
The government has also reviewed land ownership,
ownership of exotic cars, yatchs, private jets and other
luxurious properties to understand the earnings and
assets of many of these persons, relative to their
taxes.
Following massive revelations, the government
launched VAIDS , a scheme that allows these
celebrities and other Nigerians to declare their assets
and income, and pay necessary taxes without interest,
penalty or investigation.
TheCable understands that the scheme, which will run
for nine months , is a grace period for the celebrities to
make amends of face the full wrath of the law, which
could include jail term of up to five years.
For celebrities with houses in exotic locations worth
millions of naira, and a tax record not consistent with
the value of the property, the goverment advises that
such celebrities “ complete form VA1 ” and clarify
sources of income for the house and pay necessary
taxes within July 1, 2017 and March 31, 2018.
Celebrities who do not take advantage of the scheme
risk “up to five-year imprisonment, get severe extra
penalties: up to 100% of the outstanding tax due, a
compound interest at 21% per annum, and foreiture of
such assets”.
TheCable
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