Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says tax declaration should be consistent with the lifestyle of Nigerians.
He said if someone says he or she earns N2 million and owns a house worth N50 million and a car worth N10 million, the tax agencies will ask questions.
Speaking about the voluntary asset and income declaration scheme (VAIDS) on Arise TV, Fowler said “this country requires those taxes to develop too. Nobody will develop Nigeria except we start developing it”.
“For example, if you declare that you own a car of N10 million, and a house worth N50 million, your clothes, including your suit, watch and tie maybe worth a million naira and you declare that you earn N2 million year, the question would be if you earn such amount yearly, how can you you afford the house, the car, the expensive suit and the wrist watch?”
“These are the questions we are asking. So we believe quite frankly that Nigerians can be law abiding.”
He said the newly launched scheme (VAIDS) offers opportunities for all Nigerians to come forward and declare the amount of profit they had earned and the assets they have acquired and pay the commensurate taxes.
According to him, the initiative will free individuals or entities from paying penalties, or face prosecution, making them good citizens. - Cable Nigeria
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