94% Of Those Who Pay Tax In Nigeria Are Low Income Earners – Finance Minister
The Minister of Finance, Kemi Adeosun has said those who pay tax in Nigeria are mainly low-income earners and salary earners whose taxes are being deducted at source.
Speaking on the issue of tax payment during her appearance on Channels Television recently, Adeosun said
Most of the taxpayers we have in Nigeria today are salary earners.
They are about 94% of our taxpayers. I think we have about 14million taxpayers and 13.5million are pay as you earn.
So, those are people whose income tax is being deducted at source. These are largely low-income earner.
So would it be fair for those who made the most and have the most to be forgiven?
Because if we do that, then we should also refund those who have actually paid their taxes. In the spirit of fairness, we think it is right the way we designed it,” she said.
VAIDS is a Federal Government initiative for assets declaration and in exchange for fully and honestly declaring previously undisclosed assets and income, taxpayers benefit from forgiveness of overdue interest and penalties.
The Minister said VAIDS is user-friendly as those coming to declare assets enjoy agreement to make payment in installment.