More than 5 million taxpayers added to tax base- Adeosun


The efforts of federal government to diversify its revenue base has started yielding result as over five million taxpayers added to Nigeria’s tax base.
The Minister of Finance, Kemi Adeosun disclosed this in a tweet through her official verified Twitter handle, @HMKemiAdeosun.
She revealed that, more than five million new taxpayers added to Nigeria’s tax base in the last two years.
She commended the revenue agencies for adding more than five million new taxpayers to the country’s tax base in the last two years saying, Nigeria and other tax authorities (at State level) are doing a great deal of work on expanding the tax base and enforcement of tax payment.
Last week, the minister said the number of tax identification numbers (NIMs) issued by the Federal Inland Revenue Service (FIRS) increased by almost 50 per cent within the last two years.
The minister said this showed a strong social partnership government has built with the Nigerian people. She said from about 14 million in 2016, the country’s tax base has grown to over 19 million in 2018.
On the country’s debt, she said the management strategy focused on bringing down borrowing costs was working.
She said during the corresponding period last year, the federal government was borrowing at an average cost of about 18 per cent, against todays borrowing rate of 13 per cent.
“We will continue to work very hard on debt service cost,” the minister said.
One of the initiative introduced to boost the taxpayer base in Nigeria is Voluntary Asset and Income Declaration Scheme (VAIDS).
VAIDS is a time-limited opportunity for taxpayers to regularize their tax status relating to previous tax periods and pay any taxes due. In exchange for fully and honestly declaring previously undisclosed assets and income, tax payers will benefit from forgiveness of overdue interest and penalties, and the assurance they do not face criminal prosecution for tax offences or tax investigations.