The Minister of Finance, Mrs Kemi Adeosun on Tuesday ruled out any possibility that the Federal Government would extend the March 31 deadline of the Voluntary Assets and Income Declaration Scheme.

She said this while granting an interview at a live breakfast show “Good Morning Nigeria” aired by the Nigeria Television Authority.

The VAIDs programme offers a grace period from July 1, 2017, to March 31, 2018, for tax defaulters to voluntarily pay back to government what they owe.

In exchange for full and honest declaration, the government promises to waive penalties that should have been levied and also waive the interest that should have been paid on overdue tax.

Also, those who declare their tax obligation honestly would not be subjected to any investigation or tax audit after the nine-month grace period.

There had been pressure on the presidency within the last few days by some former governors, top politicians, high profile individuals, business owners and professional bodies among others seeking an extension of the scheme.

But Adeosun said that the government would not extend the tax amnesty program. She said the Federal Government had been magnanimous enough by granting the nine months tax amnesty to tax defaulters adding that those who are interested in the scheme still have about three weeks to come out voluntarily to declare their income.

source :  http://punchng.com/vaids-no-extension-of-march-31-deadline-fg/