The Federal Government has reiterated its warnings to Nigerians who evade tax under the offshore tax shelter system, saying such regime is over going by the ongoing reforms. It however, advised users of offshore structures to take advantage of the ongoing Voluntary Assets and Income Declaration Scheme (VAIDS) to regularise their taxes before the expiration of the amnesty programme. “The offshore tax shelter system is basically over. Similarly, Oyedele, while presenting the progress report on tax reforms, said the committee considered three major policy documents- the Economic Recovery and Growth Plan (ERGP), the National Tax Policy and Ease of Doing Business Plan in course of their work. He also said that the committee agreed that tax reforms should align with government’s overall objectives, as articulated in these documents.Already, the committee has identified the seven major tax areas that would have the highest impact- Company Income Tax, Value Added Tax, Customs and Excise Tariff, Personal Income Tax, Pension Contributions, Industrial Development Income Tax Relief; and Tertiary Education Trust Fund.

Source: The Guardian February 05, 2018 04:30 UTC