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VAIDS:  FG Deploys Over 1,700 CTLOs to 33 States – Adeosun

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…No Hiding Place for Tax Evaders With Data Sharing

…FG Reviews Tax Profiles of Companies Which Receive Major Payments in the last 5yrs

…Rules out extension of March 31, 2018 Deadline for Tax Evaders

 

 

The Federal Government has recruited and trained 2,190 Community Tax Liaison Officers (CTLOs) under the Voluntary Assets and Income Declaration Scheme (VAIDS), the Honourable Minister of Finance, Mrs. Kemi Adeosun, has revealed.

 

The Minister has also confirmed the review of the tax profiles of companies that received major payments from the Federal Government in the last five years.

 

Adeosun made this disclosure at the weekend in Lagos at a workshop organised by the Federal Ministry of Finance, Federal Inland Revenue Service and Joint Tax Board for lawyers, accountants and other professionals advising clients on participation in the VAIDS.

 

She confirmed that a total of 1,710 CTLOs have been deployed to 33 States, out of 2,190 tax officers recruited and trained to raise awareness about the scheme and taxation in general.

 

The CTLOs are currently operating in Adamawa, Cross River, Delta, Edo, Enugu, Kaduna, Kwara, Lagos, Nassarawa, Niger, Ogun and Oyo, among others.

 

VAIDS, an initiative of the Federal Ministry of Finance in collaboration with the State Tax Authorities, is a revolutionary programme that provides tax defaulters a nine-month opportunity to voluntarily and truthfully declare previously untaxed assets and incomes.

 

The tax amnesty period is expected to lapse on March 31, 2018.

 

Job creation is one of the spin-offs of the VAIDS initiative, with the scheme expected to create a total of 7,500 opportunities for Nigerians as CTLOs through the N-Power scheme of the Federal Government.

 

Adeosun asserted that there was no hiding place for tax evaders residing in Nigeria or abroad, noting that the Federal Government had put in place a data mining mechanism to fish out evaders.

 

The Minister said, “The unique cooperation between the various arms of Federal Government, State Governments and Foreign Governments has provided an unprecedented level of data that allows the Nigerian Government to profile taxpayers accurately and identify those whose lifestyle and assets are not consistent with their declared income.

 

“A lot of data mining is going on daily, both locally and internationally, on property ownership and other items. Data is an extremely powerful tool that is now being utilized. For instance, we have reviewed all companies that received major payments from the Federal Government in the last 5 years and found that even those who made money from government, under-declared.”

 

The Minister further noted that the government’s tax compliance team had looked at import records and compared the value of goods imported to the tax declarations of the importers, but the discovery was worrisome as “the variance was disturbingly wide”.

 

“On personal income taxes, we reviewed property and company ownership as well as registration of high value assets and foreign exchange allocations, which gives us a sense of the lifestyles of the persons.

 

“But again, we found major non-compliance. In some cases, people declared as little as N10 million as income but purchased expensive property overseas and in Nigeria,  registered high specification vehicles and funded luxurious personal events costing multiples of the declared income.

 

“We have blocked a major loophole by using data to profile tax payers. Thus, someone owning properties across multiple states and overseas can selectively declare knowing that tax authority had no means of cross checking.

 

“This is especially the case with overseas assets and income where State Governments lacked jurisdiction. But with the centralisation of data under Project Lighthouse within the Federal Ministry of Finance, a major loophole has been plugged,” she added.

 

She reiterated the willingness of the Federal Government to prosecute tax evaders after the tax amnesty period had elapsed.

 

She therefore called on professionals to advise their clients to uphold honesty in the declaration of their assets and income as well as the regularisation of their tax status.

 

She further told the gathering of professional advisers that the Federal Government had compiled a list of 500 prominent Nigerians with property and trusts abroad in order to determine their tax compliance status at home.

 

The 500 prominent Nigerians, according to her, will receive their letters beginning from Monday, November 27, 2017, asking them to take advantage of the tax amnesty to regularise their tax status and avoid prosecution and fines.

 

She said, “The first 500 letters are ready and will go out this week but there are many more. Receiving the letter is not an accusation of deliberate wrongdoing but rather a notice that the data suggests possible underpayment and a prompt to check compliance.

 

“It is premature to call such persons tax evaders as there are many reasons that taxpayers may have failed to comply. We will only label people as real tax evaders when the amnesty deadline expires and they have failed to regularize. Such persons can then legitimately be called tax evaders, as their non-participation in VAIDs indicates that they are willful tax evaders. We will then proceed to apply the full weight of the law.”

 

The Minister indicated that non-receipt of a letter should not be taken as an indication that Government had not identified a potential evader.

 

“We are sending out thousands of letters to those in the high risk categories but our advice is that every person and every company should do a self-assessment and take advantage of VAIDs to correct any under declaration, irrespective of whether they get a letter,” she added.

 

 

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Optiva Capital Partners and Loft & Keys LCC Forge Strategic Partnership to Drive $500m Investments in Nigeria

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L-R Dr. Jane Kimemia, CEO, Optiva Capital Partners and Chief Austin Ugochukwu Albert, Chairman, Loft & Keys LLC during the partnership agreement signing between Optiva Capital partners and Loft & keys LLC at Optiva's headquarters in Lagos

Optiva Capital Partners and Loft & Keys LCC Forge Strategic Partnership to Drive $500m Investments in Nigeria

 

Optiva Capital Partners, Africa’s leading wealth management and retention company, has announced a groundbreaking partnership with Loft & Keys LLC, a renowned real estate and investment company with dominant presence in Nigeria and the Middle East.

 

The ceremony which took place over the weekend at Optiva Capital’s Corporate Headquarters, aims to boost investment in Nigeria’s hospitality and healthcare sectors on the one hand, as well as provide Nigerian investors with opportunities to invest in real estate in the UAE, particularly in Dubai.
Speaking at the signing ceremony, Dr. Jane Kimemia, CEO, Optiva Capital Partners, emphasized the transformative potential of this partnership, “With Loft & Keys’ deep understanding of the Nigerian market and established networks in the Middle East, we are poised to bring $500 million in investments into Nigeria’s hospitality and healthcare industries. These funds will be strategically spread across Lagos, Abuja (FCT), Delta, and Enugu.”

 

The investment in hospitality will serve as a catalyst for economic growth in Nigeria. Beyond creating employment opportunities, it will spur infrastructure development, enhance regional tourism appeal, and foster business ecosystems in Lagos, the Federal Capital Territory, Enugu, and Delta. Similarly, the healthcare focus will address critical gaps in medical infrastructure, improve access to quality care, and promote health innovation—key pillars for national development.

 

The partnership According to Dr Kimemia also extends to Nigerian investors seeking opportunities in the UAE. With Loft & Keys’ expertise and extensive networks in Dubai and other Middle Eastern hubs, the collaboration will unlock access to one of the world’s most dynamic real estate markets.
Speaking about the partnership, Chief Austin Ugochukwu Albert, Chairman, Loft & Keys LLC, said “Optiva Capital Partners stands as Africa’s leading wealth retention company, a position that is firmly established and without question. This partnership with Loft & Keys will further solidify their dominance and create even greater opportunities for growth. As Dr. Jane Kimemia has rightly emphasized, Loft & Keys, with our extensive expertise in the Middle East, is a trusted and experienced partner”. We have a strong presence in the UAE and are actively expanding into Saudi Arabia and Qatar in the near future. Together with Optiva Capital Partners, we are committed to capturing significant market opportunities in these regions. I am confident that this partnership will foster substantial growth that will be mutually rewarding for both parties.

 

Dubai, a city widely known for its opulence and rapid development, is reportedly operating at only 30% of its projected capacity, presenting a significant growth opportunity for investors. According to industry experts, this untapped potential creates a unique window for investors to capitalize on the city’s future expansion and development.
The partnership aligns with the United Nations Sustainable Development Goal 17 as two formidable brands, Optiva Capital Partners and Loft & Keys are committed to leveraging their collective strengths to drive impactful investments that benefit clients and communities alike.

 

L-R Dr. Jane Kimemia, CEO, Optiva Capital Partners and Chief Austin Ugochukwu Albert, Chairman, Loft & Keys LLC during the partnership agreement signing between Optiva Capital partners and Loft & keys LLC at Optiva's headquarters in Lagos
About Optiva Capital Partners
Optiva Capital Partners is a premier wealth management and retention firm offering bespoke solutions in four areas of specialization – investment immigration, investment advisory, insurance, and international real estate.
About Loft & Keys LLC
Loft & Keys is an internationally recognized real estate and investment company with a robust presence in Nigeria and the UAE. The firm is dedicated to connecting investors with high-value opportunities in dynamic markets.

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Petrol: MRS Slashes Petrol Price to N935/Litre Nationwide, Enforces compliance

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General Buratai Urges Dangote Not To Succumb To Marketers Blackmail, Reveals Why

Petrol: MRS Slashes Petrol Price to N935/Litre Nationwide, Enforces compliance

… Nigerians praise Dangote-MRS partnership

 

MRS Oil Nigeria Plc, a prominent player in the Nigerian downstream oil industry, has implemented a new petrol price of N935 per litre across all its retail service stations nationwide. This follows an announcement by the President of Dangote Industries Limited, Aliko Dangote, that the Dangote Petroleum Refinery has partnered with MRS Oil and Gas to offer petrol at N935 per litre at retail outlets, following a reduction in the ex-depot price from N970 to N899.50 per litre.

In response, MRS Oil Nigeria Plc has instructed all its outlets to implement the new price immediately, setting up a digital platform and monitoring team to ensure full compliance. The company has also called on Nigerians to report any outlets that fail to adhere to the new price structure.

“Petrol is now being sold at N935 at MRS Filling Stations nationwide. If you find any station not following this price, please report it. Call 08009447853 or email: [email protected],” the company stated in a release.

Emphasising the eco-friendly nature of its products, MRS Oil added, *“We call on all petrol station owners to join MRS Oil Nigeria Plc in improving the supply chain of our beloved country, ensuring product quality and availability in every corner of Nigeria for the benefit of all Nigerians.”*

Checks by our correspondents yesterday confirmed that the new price had been implemented at all MRS Oil and Gas retail outlets nationwide.

In Lagos, commuters were seen queuing at MRS filling stations to purchase petrol. Many expressed their gratitude to Dangote Petroleum Refinery and MRS Oil and Gas, urging other marketers to support the indigenous refinery rather than import off-spec products into the country.

Mrs. Ibukun Phillips, a commuter at the MRS station at Alapere on the Lagos Ibadan Express way, could not hide her joy as her husband filled up their car.

“I am very happy today. This is a victory for Nigeria,” she said. “The price reduction is the best gift of the season. But beyond just the reduction, we are buying standard, eco-friendly petrol at a lower rate. My husband and I have decided we will only be using MRS from now on because we are confident in the quality of the product and supporting the economy.”

Commercial bus driver Adio Ajibade described the price reduction as a great relief, especially during the festive season.

“The reduction is a great relief. It will reduce transportation costs and benefit Nigerians. God will continue to bless Alhaji Aliko Dangote,” he said.

A public affairs analyst and university lecturer, Dr. Tunde Akanni, said the collaboration between Dangote Petroleum Refinery and MRS Oil represents a significant step towards improving the affordability, quality, and sustainability of petroleum products in Nigeria.

According to Dr. Akanni, “this move will not only help ease the financial burden on Nigerians but also promote a more environmentally conscious approach to fuel consumption, benefitting both the economy and public health in the long term.”

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FIRS ANNOUNCES AN ONGOING RECRUITMENT

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FIRS ANNOUNCES AN ONGOING RECRUITMENT.

 

The Federal Inland Revenue Service (FIRS) has rolled out an exciting opportunity for experienced professionals to join its team.

In a public notice via its X handle, the agency announced job openings for positions like Assistant Manager, Deputy Manager, and Assistant Director in fields such as Tax, Public Relations, Legal, ICT, and Risk Management.

Interested candidates are encouraged to review the eligibility criteria and apply via the official portal at careers.firs.gov.ng before January 11, 2025. This recruitment drive is aimed at bolstering public service efforts and maximizing national development.

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