Acting President Yemi Osinbajo has issued 9 months of grace to tax payers to regularize their tax status or face criminal prosecution for tax offenses.
Osinbajo gave the ultimatum in Abuja on Thursday at the inauguration of the Voluntary Assets and Income Declaration Scheme (VAIDs).
“The scheme will be operated from July 1, 2017 to March 31, 2018.
It will be supported by an executive order, which I will sign into law today to offer a once in a life time opportunity to those in default to regularize their tax affairs.
In exchange for full and honest declaration, tax evaders will receive immunity from prosecution, forgiveness of penalty and interest that is due on unpaid taxes.
They will also get the full assurance that all information provided will remain confidential.
In addition, participants in the scheme will not be selected for audit investigation for the period.
We understand that some tax payers may have problems raising cash and for that reason, we have built in a system that will allow those owing to pay over a period of time’’
According to the acting president, this is subject to conditions and he added that those who failed to take advantage of the 9 months period of grace would face criminal investigation and face up to five-years jail term if found guilty.