Federal government plans to re-introduce the national tax amnesty scheme, according to a statement yesterday by Stephen Kilebi, director of Press and Public Relations of the Ministry of Finance.
The tax amnesty scheme offers a time-limited opportunity for taxpayers to regularise their tax status relating to previous tax periods and pay the taxes due with certain benefits.
The statement disclosed that during a two-day retreat of the Presidential Committee on Fiscal Policy and Tax Reforms in Abuja, Mr. Taiwo Oyedele, chairman of the Committee, noted some expected deliverables.
It read, “The Chairman highlighted the deliverables from the committee which include: optimum taxes; harmonised revenue collection functions; a revised national tax policy; national fiscal framework; preparation of bills for constitutional amendment; revenue optimisation; production of a model template for sub-nationals and establishment of the national tax amnesty scheme.”
Recall that on June 29, 2017, Prof. Yemi Osinbajo, former Vice President of Nigeria, who served briefly as Acting President, signed Executive Order No. 004 for the implementation of the Voluntary Assets and Income Declaration Scheme.
The amnesty started on July 1, 2017 and was to last for nine months until March 31, 2018.
