The
Minister of Finance, Kemi Adeosun, says that the Federal Government was
currently profiling high net worth individuals to ensure that what they
currently own as assets correspond with the amount they were paying as taxes.
She
said this via a video posted on her Facebook page where she responded to
questions from Nigerians about the implementation of the Voluntary Asset and
Income Declaration Scheme, VAIDS.
According
to reports, the VAIDS offers a grace period from July 1st , 2017 to
March 31st , 2018, for tax defaulters to voluntarily pay back to the
government what they owed.
The
minister said Nigeria had one of the lowest tax compliance rates in the world
with a tax to Gross Domestic Product ratio currently standing at six per cent.
She
stated that with such a low tax-to-GDP ratio, the government needed to do all
it could to shore up the tax revenue.
Adeosun
explained that in the last 15 months, the Ministry of Finance had been building
a database of high net worth individuals through information received from both
local and international sources.
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