The Federal government has fine- tuned plans to punish Nigerian celebrities who evade taxes. The punishement will be orchestrated after the nine month period set out by the newly inaugurated voluntary asset and income declaration scheme (VAIDS).
TheNewsGuru reports that highly qualified agents of the federal ministry of finance are working with the banks, Nigeria Financial Intelligent Unit (NFIU), Bureau De Change (BDCs) and Corporate Affairs Commission (CAC).
According to reports, the agencies have been monitoring the level of tax compliance of many Nigerian celebrities for the past 15 months. In addition, land ownership, ownership of exotic cars, yachts, private jets and other luxurious properties have also been reviewed to understand the earnings and assets of many Nigerian celebrities, relative to their taxes.
Recall that a PriceWaterHouse Coopers’ 2016-2020 entertainment and media outlook revealed that the Nigerian music industry will pull in an estimated revenue of $51 million (N16bn) from various platforms in 2017 reaching an expected sum of $86 million (N27bn) by 2020.
The Acting President, Prof. Yemi Osinbajo recently signed an Executive Order to back the Voluntary Asset and Income Declaration Scheme. Osinbajo signed the Executive Order on Thursday 30th of June 2017, during the formal launch of the VAIDS scheme at the Presidential villa, Abuja.
In Case You Missed It: Full Text of Executive order signed by Osinbajo on tax payment