CITN Backs Voluntary Assets Declaration Scheme

Nigeria tax revenue
  • CITN Backs Voluntary Assets Declaration Scheme

The Chartered Institute of Taxation of Nigeria (CITN) is fully in support of Federal Government’s move to promote tax culture and expand the tax base, its President/ Chairman of Council, Cyril Ede has said.

The support is coming based on the Executive Order signed by the Acting President, Prof. Yemi Osinbajo, which provides a legal framework for the Ministry of Finance to set up the Voluntary Assets and Income Declaration Scheme in collaboration with all 36 states of the federation.

The scheme, he explained, was meant to bring more taxpayers into the tax net so as to enable them pay all outstanding taxes and the benefit to the tax payer is a waiver of interest and penalty as well as opportunity to pay taxes gradually up to a period of three years. The scheme will run for a nine-month period commencing from 1 July 2017.

He recalled that the Institute has been in the vanguard of calling the government to declare tax amnesty wherein taxes due on incomes are demanded while the government forgoes the interest and penalties accruing. Such calls are contained in previous Annual tax conference communique and several advocacy efforts of the Institute with other bodies such as the National Association for Small and Medium Scale Enterprises among others.

“Equally worthy of notice is the opening statement in the executive order acknowledging the duties of the State towards Citizens and their welfare.

“This announcement, is therefore, a pointer to the fact that the government has a listening ear as it continues to aggregate the position of stakeholders in the tax space with respect to the broader and specific issues affecting poor voluntary tax compliance in the country,” he said.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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