The Federal government is set to reintroduce the tax amnesty initiative spearheaded by former Vice President Yemi Osinbajo during his time as Acting President.
The decision was announced in a press statement signed by Stephen Kilebi, the Director of Press and Public Relations of the Federal Ministry of Finance, on Thursday, August 24, 2023.
This development was confirmed by Taiwo Oloyede, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, during a two-day retreat held in Abuja.
Oloyede revealed that the Committee is expecting a range of tax-related outcomes from this reintroduced initiative.
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These include optimized tax structures, streamlined revenue collection processes, a revised national tax policy, the establishment of a national fiscal framework, preparation of bills for potential constitutional amendments, revenue optimization measures, creation of a model template for sub-national entities, and the introduction of a federal tax amnesty scheme.
In 2017, during his tenure as Acting President, Yemi Osinbajo introduced the Voluntary and Income Declaration Scheme (VAIDS) through Executive Order No. 004. The VAIDS initiative aimed to provide taxpayers with a specific timeframe to rectify their tax obligations for previous periods and settle their owed taxes, offering certain benefits in return. The program was launched on July 1, 2027, and concluded on March 31, 2018.
Sources suggest that the statements made by Taiwo Oloyede, the Chairman of the Tax Reform Committee, indicate that the Tinubu administration might consider adopting a similar scheme to incentivize timely tax payments from both individual Nigerians and corporate entities.
