The Minister of Finance, Kemi Adeosun has disclosed that the Federal Government would not extend the March 31 deadline of the Voluntary Assets and Income Declaration Scheme (VAIDS).
Adeosun said this while granting an interview on television programme on Tuesday in Abuja.
The VAIDs programme offers a grace period from July 1, 2017, to March 31, 2018, for tax defaulters to voluntarily pay back to government what they owe. In exchange for full and honest declaration, the government promises to waive penalties that should have been levied and also waive the interest that should have been paid on overdue tax.
Also, those who declare their tax obligation honestly would not be subjected to any investigation or tax audit after the nine-month grace period.
Adeosun said that the government would not extend the tax amnesty program, adding that the Federal Government had been magnanimous enough by granting the nine months tax amnesty to tax defaulters.
