OSINBAJO SIGNS EXECUTIVE ORDER TO BACK VAIDS

Acting President Osinbajo signs an Executive Order to back the Voluntary Assets Income Declaration Scheme (VAIDS).

Nigeria's Acting President, Professor Yemi Osinbajo has signed the Executive Order on the Voluntary Assets Income Declaration Scheme, VAIDS.

Osinbajo carried out the signing, Thursday morning during the launch of VAIDS at the Presidential Villa in Abuja with key government officials, including the Minister of Finance, Mrs Kemi Adeosun, witnessed the signing of the Executive Order and Launch of the scheme.

The Executive Order, according to the Acting President, is targeted at increasing tax awareness and compliance.

"It will also grant taxpayers a time-limited opportunity to regularise their tax status without penalty".

"When people pay taxes they pay more attention to what government is doing. There’s a greater level of political and social consciousness", Osinbajo said.

"Taxes is not only about boosting government revenues. When people pay taxes they hold the government to account more", he said.

Decrying the low number of Nigerians that pay taxes, Professor Osinbajo said; "Tax evasion is not limited only to wealthy Nigerians. (It is) Also not limited to individuals. Many companies maintain two to three sets of books", he stated.

Accordingly, the scheme is being rolled out by the Federal and state governments and will ensure that citizens and companies pay taxes, the Acting President emphasized.