President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30, 2018.
The extension after the original March 31 date is based on the appeals of professional bodies and individual taxpayers, the Presidency said in a statement.
It said no further extension of time will be approved after June 30.
The president added that a new date was also given, based on the conviction of the Ministry of Finance that the overall objective to increase compliance will be attained, and additional revenue will accrue.
A fresh Executive Order will be made to give legal backing to the new timeline.
According to President Buhari, “For a nation of people who are competitive and driven, it is not a pride that we are the lowest performer in tax to GDP, not just in Africa, but in the world.
“Nigeria’s growth needs are such that every Nigerian must do his duty to his nation, to his neighbour, and to himself.
“Hiding monies overseas, evading taxes by manipulation, and other unwholesome practices, have never developed a country, and for Nigeria to attain her true potential, these must stop.”
The President urged Nigerian companies and individuals to join the government in the rebuilding mission, “and do the right thing by taking this window of extension to regularize.”
He added that the right thing may not be convenient or comfortable, “but in the long run, we will all have a nation we can be proud of.”
President Buhari further urged tax authorities to use the extension window to perfect plans to prosecute those who fail to regularize their tax status
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