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Sunday, 25 June 2017

Tax defaulters risk at least five years jail and asset forfeiture - Finance Minister

As Prof. Yemi Osinbajo the Acting President prepares to  launch the Voluntary Asset and Income Declaration Scheme (VAIDS) in the bid to increase tax awareness and compliance on the 29th of June 2017, the Minister of Finance, Mrs Kemi Adeosun warned citizens that tax defaulters in Nigeria risk at least five years jail term and asset forfeiture if the continue to evade tax

Mrs Kemi further stated how severe the punishment of not paying tax is. She said there are extra penalties of up to 100 per cent of the outstanding tax due, compound interest at 21 per cent per annum and forfeiture of assets and subjection to total force of the Nigerian and international law for all tax evaders once identified.

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