Osinbajo has also offered nine months grace
period to tax payers to regularise their tax status or face criminal prosecution for tax offences.
Osinbajo gave the ultimatum in Abuja on
Thursday at the inauguration of the Voluntary
Assets and Income Declaration Scheme (VAIDs).
He said the scheme was specially targeted at
taxpayers who had not declared their taxable
incomes and assets, as well as those who
don't pay at all, and those who had been
underpaying or under remitting.
Osinbajo said the scheme would cover all
federal and state taxes such as companies'
income tax, personal income tax, petroleum
profit tax, capital gains tax, stamp duties and
tertiary education tax.
Osinbajo said that those who failed to take
advantage of the nine months grace period
would face criminal investigation and if found
guilty may face up to five-years jail term.
Also, only 214 Nigerians pay taxes of about
N20 million annually and about 900 Nigerians
pay N10 million as tax every year.
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