By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Acting President Osinbajo to Launch New Tax Awareness Initiative On June 29
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

Acting President Osinbajo to Launch New Tax Awareness Initiative On June 29

Farouk Mohammed
By Farouk Mohammed
Published: June 25, 2017
Share
2 Min Read
SHARE

Acting President Yemi Osinbajo will launch the Voluntary Asset and Income Declaration Scheme (VAIDS) which will regularise taxpayers’ statii in exchange for immunity from prosecution for tax offences.

According to a statement from t e Minister of Finance, Kemi Adeosun, on Friday, VAIDS which will be launched on Thursday, June 29, outlines the Federal Government’s plan to increase tax awareness and compliance.

The plan, to be executed jointly by federal and state governments, also concentrates on the national duty of all Nigerian companies and citizens to pay their taxes.

According to the statement, the plan is a one-off opportunity for tax evaders to avoid the full force of the law between July 1 and December 31, as well as grant taxpayers a time-limited opportunity to regularise their tax status without penalty.

- Advertisement -

Adeosun said Nigeria has failed to reduce its debt levels in the last eight years, despite high oil prices and nominal GDP growth.

She lamented that Nigerians have inherited a “situation where our debt and underdevelopment is getting worse, not better”, adding that “this cannot continue, neither can the behaviour of some of our richest citizens and multinationals operating in Nigeria who seem to consider paying tax to be optional”.

“From 2018, international law will make it easier than ever to track these evaders down and punish them. This scheme is in line with similar initiatives launched during 2016 in India, Indonesia and South Africa.

“We know they work, we know it’s the right thing to do and the Treasury desperately needs the money.

- Advertisement -

“Finally, the proceeds of this scheme will not disappear. We will provide regular updates on the funds collected to date and how those funds are being put to very transparent use,” the minister said.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:osinbajoTax Awareness Initiative
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Igbo Quit Notice Is Just To Defend North Against Nnamdi Kanu – Arewa Youth Leader, Shettima Yerima
Next Article Evans Must Have Charmed My Sister – Wife’s Brother

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Okay.ng Logo

Parallel Market Rates

USD
Buy₦1,540.00
Sell₦1,560.00
GBP
Buy₦2,148.00
Sell₦2,180.00
EUR
Buy₦1,740.00
Sell₦1,800.00

Updated: 15 hours ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

0.00
ShareShareShare

Rates are for informational purposes only.

Okay.ng Logo Parallel Market Rates
USD
Buy
Sell
GBP
Buy
Sell
EUR
Buy
Sell
| okay.ng
- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

UAE Tightens Visa Rules for Nigerians: New Restrictions Target Young Solo Travelers
News
Widespread Concern in Ondo as Two Adekunle Ajasin University Students Vanish Without Trace
Education News
JAMB Registrar, Is-haq Oloyede
Nationwide Fingerprint Fraud Scandal Uncovered in JAMB CBT Centres, Imo and Anambra Lead
Education News
Senator Natasha Akpoti-Uduaghan
Senator Natasha Akpoti-Uduaghan Explains Delay in Senate Return Amid Legal Nuances
News
ADC Asserts Neutrality Amidst Political Realignments, Denies Bias in Presidential Race
Politics Top stories
- Advertisement -
Ad imageAd image

You May Also Like

Nigeria Union of Teachers
Education

FCT Teachers to Resume as NUT Suspends Over Three-Month Strike

Yusuf Abubakar
Yusuf Abubakar
July 9, 2025
Boladale Odunlami, Commercial Manager, Nestlé Nigeria; Olabisi Joseph, President, Nigeria School Sports Federation (NSSF); and Ifeanyichukwu Orabuche, Category Manager, Beverages, Nestlé Nigeria, pose with the triumphant Father O’Connell Science College team after they clinched the male championship title at the 25th MILO Basketball Championship held at the Indoor Sports Hall, National Stadium, Lagos.
Sport

25 Years of Impact as Nestlé’s MILO Basketball Championship Shapes Nigeria’s Future Champions

Farouk Mohammed
Farouk Mohammed
July 8, 2025
Education

New Admission Benchmarks Set to Standardise Tertiary Entry Across Nigeria

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
July 8, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?