Shocking!! Federal Government Plans 5-year Jail Term For Nigerian Celebrities Who Henceforth Evade Taxes!!
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The federal government has fine-tuned plans to punish and possibly
jail entertainers who evade taxes after the nine-month grace period set
out by the recently launched voluntary asset and income declaration
scheme (VAIDS).
TheCable learnt that for 15 months, the federal government via various agencies and departments, to include the private sector, has been gathering information on tax compliance of many celebrities and high net worth individuals in the country.
“Highly qualified” agents of the federal ministry of finance have
worked with the banks, Nigeria Financial Intelligent Unit (NFIU), bureau
de change (BDCs), Corporate Affairs Commission (CAC), to monitor the
degree of tax compliance of many celebrities and high net worth
individuals.
The government has also reviewed land ownership, ownership of exotic cars, yatchs, private jets and other luxurious properties to understand the earnings and assets of many of these persons, relative to their taxes.
TheCable learnt that for 15 months, the federal government via various agencies and departments, to include the private sector, has been gathering information on tax compliance of many celebrities and high net worth individuals in the country.
The government has also reviewed land ownership, ownership of exotic cars, yatchs, private jets and other luxurious properties to understand the earnings and assets of many of these persons, relative to their taxes.
Following
massive revelations, the government launched VAIDS, a scheme that
allows these celebrities and other Nigerians to declare their assets and
income, and pay necessary taxes without interest, penalty or
investigation.TheCable understands that the scheme, which will run for
nine months, is a grace period for the celebrities to make amends of
face the full wrath of the law, which could include jail term of up to
five years.
For celebrities with houses in exotic locations worth millions of
naira, and a tax record not consistent with the value of the property,
the goverment advises that such celebrities “complete form VA1” and
clarify sources of income for the house and pay necessary taxes within
July 1, 2017 and March 31, 2018.Celebrities who do not take advantage of the scheme risk “up to five-year imprisonment, get severe extra penalties: up to 100% of the outstanding tax due, a compound interest at 21% per annum, and foreiture of such assets”
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