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FG targets $1bn revenue under new tax initiative

The Federal Government is targeting to raise additional revenue of $1bn through a new tax awareness scheme known as Voluntary Asset and Income Declaration Scheme.

The new tax initiative to be inaugurated by Acting President Yemi Osinbajo, next week Thursday, is targeted at increasing tax awareness and compliance, as well as granting taxpayers a time-limited opportunity to regularise their tax status without penalty.

The development was confirmed by a statement issued by the Ministry of Finance on Friday night.

It said the new initiative to be jointly executed by the federal and state governments, would concentrate on the obligations of all Nigerian companies and citizens to pay their taxes, wherever their income is earned, wherever they reside and no matter how rich they are.

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