There Are Only Two Things Certain In Life: Death and Taxes
Nigeria has a total of 69.9 million economically active individuals but only 14 million of such people are tax payers. 96% of them have their taxes automatically deducted through the PAY AS YOU EARN ( PAYE) system and 4% comply by paying willingly.
Only 214 Nigerians pay taxes of 20 million Naira or more each year. A personal bill of 20 Million Naira implies a personal income of 80 Million Naira or more. The 214 people who pay those taxes are found in Lagos.
Much more than the finances, people who pay taxes pay more attention to what Government is doing with their taxes. It encourages a greater level of political and social consciousness
Tax evasion is not limited to wealthy Nigerians. It is also not limited to individuals, many companies maintain 2-3 sets of books.
Nigeria is now party to the new global standard on Automatic Exchange of Information which kicks off 2018
I have also signed a 4th Executive Order to support the Voluntary Assets and Income Declaration Scheme. Under the scheme, Nigerians will get a chance to voluntarily redeem past tax obligation.
The Voluntary Assets and Income Declaration Scheme will last from July 1st, 2017 to March 31st, 2018.
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