Nigeria hopes to increase tax to Gross Domestic Product (GDP) of the country from six percent to 30 percent, Minister of Finance Kemi Adeosun said Thursday.

Speaking at the launch of the Voluntary Assets and Income Declaration Scheme (VAIDs) in Abuja, the country’s capital, Adeosun said the future of Nigeria is assured with the scheme.

A recent report of the Joint Tax Board showed that only 14 million people out of the estimated 69.9 million Nigerians, who are economically active, are paying taxes.

Accordingly, 96 percent of the 14 million have their taxes deducted at source; this shows that they are government workers.

Speaking in the same vein, Abudulaziz Yari, Chairman of Nigeria Governors Forum, pledged the state governments’ support and commitment toward the new initiative.

Yari, who is also the Governor of Zamfara, said state governments would be the biggest beneficiary of revenues derived from the scheme as they would give the Federal Inland Revenue Service (FIRS) necessary support.

Earlier, acting president Yemi Osinbajo 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. Enditem

Source: Xinhua/


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