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ECHOnigeria Forum / Naija Info / Hiding Monies Overseas Must Stop, Buhari Warns Nigerians (1 Post | 381 Views)
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Hiding Monies Overseas Must Stop, Buhari Warns Nigerians by dimexy247(m) : 4:31 pm |
President Muhammadu Buhari has warned Nigerians to stop hiding monies meant to develop the nation in foreign countries, in a bid to avoid paying tax. The President, who is in the United Kingdom, gave the warning on Wednesday in a statement signed by his Special Adviser on Media and Publicity, Mr Femi Adesina.
The President also urged tax authorities to use the extension window to perfect plans to prosecute those who fail to regularise their tax status. VAIDS is one of the key policies being used by the Federal Government to reposition the Nigerian economy and correct inherited underdevelopment. The country has one of the lowest tax collection rates in the world at just six per cent of the Gross Domestic Product (GDP). According to the Presidency, this was partially a function of the reliance on oil that saw the nation abandon the historical revenue collection systems and switch to a culture of sharing resources, rather than generating them. President Buhari had in 2017 launched the Economic Recovery and Growth Plan (ERGP), and the VAIDS tax amnesty was first in the series of reforms aimed at transforming Nigeria’s tax system and provide sustainable predictable funding for all tiers of government. The Presidency believes tax revenues will ensure that public infrastructure is provided, and public services are funded to improve the lives of the people. They maintained that taxes redistribute wealth from those who have more to those who have less, and VAIDS is one of the windows to achieve such.
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