SAN FRANCISCO, July 05, (THEWILL) – Chairman of the Federal Inland Revenue Service, FIRS, Babatunde Fowler, has called on Nigerians to fulfill their obligation to the country by paying their taxes, stressing that the country cannot develop without taxes.
Stressing that tax declaration should be consistent with the lifestyle of Nigerians, he stated that the tax agencies will ask questions if someone says he or she earns N2 million and owns a house worth N50 million and a car worth N10 million.
Shedding light on the Voluntary Asset and Income Declaration Scheme, VAIDS, by Acting President Yemi Osinbajo, Fowler said on Arise TV, “this country requires those taxes to develop too. Nobody will develop Nigeria except we start developing it”.
“For example, if you declare that you own a car of N10 million, and a house worth N50 million, your clothes, including your suit, watch and tie maybe worth a million naira and you declare that you earn N2 million year, the question would be if you earn such amount yearly, how can you you afford the house, the car, the expensive suit and the wrist watch?”
“These are the questions we are asking. So we believe quite frankly that Nigerians can be law abiding.”
He said the newly launched scheme, VAIDS, offers opportunities for all Nigerians to come forward and declare the amount of profit they had earned and the assets they have acquired and pay the commensurate taxes.
Fowler stated that the initiative will free individuals or entities from paying penalties, or face prosecution, making them good citizens.
He observed that when Nigerians travel abroad, they pay taxes for consumables, adding that “in foreign countries, they pay what is required as tax at the point of departure, and the government of that country claims their VAT, so let’s do the same here too”.
