Connect with us

Business

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

Published

on

 

…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.

 

 

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

From Dust to Dreams: Young Miner Builds House for His Parents at Just 13!

Published

on

From Dust to Dreams: Young Miner Builds House for His Parents at Just 13!

13-Year-Old Boy Builds House for Parents with Earnings from Local Mines – A Tale of Grit and Determination!

In an astonishing feat of resilience and hard work, a 13-year-old boy from Akun Ejiba, Agidi Development Area, in Nasarawa Eggon LGA of Nasarawa State, has built a house for his parents using earnings from his labor in local mines.

The young boy, whose identity is yet to be disclosed, reportedly spent countless grueling hours working in the hazardous local mining fields, saving every possible naira to achieve this remarkable goal. His unwavering determination and deep sense of family loyalty have left the entire community in awe.

A Child’s Sacrifice, A Parent’s Pride

From Dust to Dreams: Young Miner Builds House for His Parents at Just 13!

Sources within the community confirm that the boy took on the backbreaking labor at an age when most children are in school or at play. Yet, instead of spending his earnings on personal desires, he selflessly dedicated them to constructing a home for his struggling parents—a feat many adults struggle to achieve in a lifetime.

His hard work, resilience, and selflessness have not gone unnoticed. Members of the community have hailed him as a symbol of dedication and sacrifice, calling for support to ensure he gets an education and a better future.

Mixed Reactions: Inspiration or a Reflection of Society’s Harsh Reality?

While the story has been celebrated as inspirational, it also raises concerns about child labor and the harsh economic realities forcing young children into dangerous jobs. Some argue that no child should have to endure such hardship to provide for their family.

Many are now urging the government, NGOs, and well-meaning individuals to intervene, ensuring that this young hero is given the opportunity to pursue his education and live the childhood he deserves.

What’s Next for the Young Builder?

As his story spreads, there are calls for support and scholarships to lift him from the mines and into the classroom. Will the government step in? Will generous benefactors come to his aid?

For now, this 13-year-old has etched his name in history as a child whose love for family defied the odds, proving that even the smallest hands can build the biggest dreams.

Continue Reading

Business

Pedalling Through Time: The 75-Year-Old Ice Cream Vendor Who Refuses to Quit

Published

on

Pedalling Through Time: The 75-Year-Old Ice Cream Vendor Who Refuses to Quit

Pedalling Through Time: The 75-Year-Old Ice Cream Vendor Who Refuses to Quit

In the bustling heart of Lagos Island, where the streets never sleep, one man has quietly defied time, hardship, and the odds for over 57 years—armed with nothing but a bicycle, sheer determination, and an undying work ethic.

At 75 years old, Oladimeji Lawal, affectionately known as “Felele” or “Pandy Joe,” still pedals through the ever-chaotic roads of Lagos, selling ice cream to generations of schoolchildren and residents. While many of his peers have long retired, he continues to ride, not out of passion alone, but because he has no pension, no retirement plan, and no financial safety net.

From a Young Cycle Boy to a Lagos Island Legend

Born in Ibadan in 1950, Lawal’s life took an unexpected turn in 1968 when he was hired as a cycle boy for an ice cream business. His exceptional riding skills landed him the job, but it was a tragic accident in Ibadan that altered his course. Encouraged by customers, he moved to Lagos in 1969, hoping for better fortune.

The move paid off—for a time. Business was booming, and in the golden years of ice cream vending, he earned enough to rent an apartment in Maroko and even buy land—a crucial step toward securing his future.

But fate had other plans.

In 1990, his dreams crumbled overnight when the military government of Raji Rasaki demolished the entire Maroko community, rendering thousands homeless—including Lawal. His hard-earned land was gone, and with it, his hopes for a comfortable future.

A Lifetime of Pedalling, No End in Sight

As ice cream sales declined in the late 1980s, reality hit hard—Lawal had no retirement benefits, no savings, and no way out. By the time he realized this, he was already in his 50s, too late to start over. The bicycle became both his burden and his lifeline.

While some of his former customers became successful, he remained on the streets, witnessing the city evolve around him. Some of these prominent figures even bought him a new bicycle when his old one gave out, but Lawal never once resorted to begging.

“The only benefit we get from the company is a raincoat every ten years,” he lamented. “They used to repair our bicycles, but not anymore.”

Dreams of a Shop, A Hope for Rest

Now at 75, age has caught up with him. He takes more breaks, his body weary from decades of pedalling. But he still dreams—not of wealth, but of a small shop where he can store ice cream and soft drinks, so he doesn’t have to roam the streets all day.

“If I don’t ride my bicycle for a day, I feel weak. My body is already used to it.

A Man of Honor, A Life of Sacrifice

Despite the struggles, Lawal refuses to be a burden to his children, insisting they focus on their own lives. He has outlived his wife, lost everything he worked for, yet still wakes up every morning at 8 a.m., mounts his bicycle at 9 a.m., and pedals until sundown.

And while others chase riches, Lawal holds onto something far more profound: his name, his dignity, and his unbreakable spirit.

“At least, I am not begging for alms,” he says with quiet pride. “For that, I give thanks to God.

A Cry for Help or A Story of Resilience?

Pa Lawal’s story is as inspiring as it is heartbreaking. It is a testament to hard work, sacrifice, and the brutal reality of life without financial security. The question remains: Will society step in to help this Lagos icon finally rest, or will he pedal until the very end?

Continue Reading

Business

Dr. Ifeoma Eze: The Connection That Transforms Lives

Published

on

Dr. Ifeoma Eze: The Connection That Transforms Lives

Dr. Ifeoma Eze: The Connection That Transforms Lives

Dr. Ifeoma Eze isn’t just a preacher; she is a voice that awakens purpose, a mentor who nurtures potential, and a guide leading people back to the true source of value—God. With warmth, wisdom, and an undeniable passion for transformation, she delivers a simple yet powerful message: your worth isn’t defined by what you have, but by who you are connected to.

Dr. Ifeoma Eze: The Connection That Transforms Lives

In her inspiring book, Becoming A Person of Exceptional Value, Dr. Eze drives home a truth that is often overlooked: no one can truly thrive in life without being plugged into the ultimate source—God. “We are not just physical beings trying to have a spiritual experience,” she says with conviction. “We are spiritual beings navigating a human journey.”

She takes readers back to the very beginning—Genesis 1:28—where God gave humanity a clear mandate: be fruitful, multiply, replenish the earth, subdue it, and have dominion. “This isn’t just about surviving,” she explains. “It’s about thriving, creating impact, and living a life that truly matters.”

But what happens when people try to go through life disconnected from their source? Dr. Ifeoma paints a vivid picture: “Imagine a strong, well-built water pipe. It looks good, but if it’s not connected to a water supply, it serves no purpose. That’s exactly what happens when we try to succeed without God—we may look promising, but we’ll never truly function as we were meant to.”

She also draws lessons from Jesus’ encounter with the barren fig tree. “Jesus wasn’t upset with the tree for simply existing,” she explains. “He was upset because it gave the appearance of having fruit but had nothing to show for it. And that’s how many people are today—outwardly successful but inwardly empty.”

Dr. Ifeoma Eze’s message is more than just words—it’s a heartfelt call to action. She speaks with the authority of someone who has walked this path, someone who has experienced firsthand what it means to be transformed by divine connection. Her sermons are not just lessons; they are life-changing encounters, filled with energy, encouragement, and practical wisdom.

Through Becoming A Person of Exceptional Value, she challenges people to reconnect with God, to recognize their true worth, and to step boldly into their calling. “You weren’t created to struggle in mediocrity,” she affirms. “You were made to shine, to build, to replenish, and to lead. But first, you must be connected to the One who gives all value.”

Dr. Ifeoma Eze isn’t just teaching people how to live; she’s showing them how to truly thrive. And in a world where so many are searching for meaning, her message couldn’t be more timely.

Continue Reading

Cover Of The Week

Trending