The Federal Government of Nigeria is set to clamp down hard on tax evaders in the Nigerian entertainment sector. Government agencies are said to be monitoring those in the limelight and trying to reconcile their tax declarations with their flamboyant lifestyle.
They can however avoid jail term under the new Executive Order signed by Acting President Osinbajo which backs the Voluntary Asset and Income Declaration Scheme, VAIDS.
Under the scheme, amnesty is guaranteed for voluntary tax defaulters as long as it is declared within the 9 months grace period set out under the scheme.
It is also part of government’s efforts to increase tax awareness and compliance, and grant tax payers a time-limited opportunity to regularise their tax status without penalty.
All tax defaulters who fail to pay up by March 31st 2018 will have their names published.