ONLY 214 RICH NIGERIANS PAY INCOME TAX, THE OTHERS ARE TAX DODGERS.


ONLY 214 RICH NIGERIANS PAY INCOME TAX, THE OTHERS ARE TAX DODGERS


Only 214 Rich Nigerians Pay Income Tax, The Others Are Tax Dodgers -  tax dodging definition, tax avoidance, celebrity tax dodgers, tax avoidance examples, tax evasion sentence, methods of tax avoidance vs tax evasion, tax avoidance methods, tax avoidance uk.


Tax dodging is a global concept. Tax Dodgers are those who take one action or the other to avoid or evade tax. It is really a deliberate action not to pay tax or not to pay adequately.


It also include those who do not pay as at when due. In taxation literature tax avoidance is not a criminal act but tax evasion is. In this website there are  topics on public wrong view of tax avoidance, and understanding with-holding tax in Nigeria. These topics will help you understand the difference between tax avoidance and tax evasion. 

ONLY 214 RICH NIGERIANS PAY INCOME TAX, THE OTHERS ARE TAX DODGERS

TAX DODGERS DEFINED:

Tax dodgers could be said to be inimical to the government. They are also non-law abiding citizens. Incidentally for Nigeria it is the rich, the big individuals and companies that dodge tax payment using one method or the other. Even their influence in the society are used to dodge tax. The big companies including the multinationals indulge in one form of tax avoidance policy or the other including transfer pricing methods.




ONLY 214 RICH NIGERIANS PAY INCOME TAX, THE OTHERS ARE TAX DODGERS


TAX RATIO TO GDP IS 6%


Recently the Minister of finance had to voice this out openly.

The minister of finance, Kemi Adeosun brought this information before the National Economic Council stating that this is why Nigeria posts one of the lowest tax per GDP ratio in the world.

Adeosun estimated the tax ratio to GDP for Nigeria at six percent.

Nigerian government however plans to change this situation with a programme called

NIGERIA VOLUNTARY ASSET & INCOME DECLARATION SCHEME(VAIDS). VAIDS is a safe haven window that allows the tax dodgers to make good their tax position voluntarily.

Government plans to roll out this from May this year and will at the same time announce some incentives to encourage participation.

According to Adeosun, VAIDS will capitalise on the considerable international goodwill built by President Buhari in his mission to rebuild Nigeria.

”It will also capitalise on the current global movement against tax evasion and illicit financial flows.

”It will offer a window for those who have not complied with extant tax regulations to remedy their position by the provision of limited amnesty to enable voluntary declaration and payment of liabilities.


ONLY 214 RICH NIGERIANS PAY INCOME TAX, THE OTHERS ARE TAX DODGERS


READ ALSO: PRESIDENTIAL ENABLING BUSINESS ENVIRONMENT COUNCIL

TARGET OF VAIDS:

”The target of the VAIDS scheme is the increase of the country’s tax to GDP ratio to 15% from just 6% by 2020.

”VAIDS will simultaneously generate revenue and encourage investment and economic activity

“VAIDS will embrace all Federal and States’ taxes such as Companies Income Tax, Personal Income Tax, Petroleum Profits Tax, Capital Gains Tax, Stamp Duties, Tertiary Education Tax, & Technology Tax.”

The finance minister said revenue expected from the scheme has been conservatively estimated at US$1 billion.

“Based on initial estimates, it is anticipated that at least 50 per cent of the funds recovered will belong to States who are the ultimate collectors of personal income taxes”, she said.

The National Economic Council approved the scheme in principle giving room for additional inputs which are to be considered.


Always visit this website for your daily business tips, career and recruitment information. Click one of the social media buttons on this page to like us or to follow uu for these information.

Powered by Blogger.