TWILIGHT ZONE: NIGERIAN BEGGARS MAKE MILLIONS. MUST PAY TAX – Finance Minister, Adeosun

by Kim Boateng Posted on July 16th, 2017

This is sad indeed. Oil Rich Nigeria’s Minister of Finance, Mrs. Kemi Adeosun says Nigerian beggars make millions and “proceeds from begging are taxable. You are supposed to pay taxes even if your means of income is begging”. She did not provide the source of her information not state exactly how beggars and transients will be taxed.

Mrs. Kemi Adeosun said this in Lagos at a lecture at PWC’s Business School, with the theme: ‘Voluntary Assets and Income Declaration Scheme (VAIDS) Interactive Session for Executives and Business Owners.’ The Nigerian government has stated that no one would be left out in the campaign to enlarge the tax revenue.

She said to ascertain the income status of the companies/individuals and their lifestyle, investigators would rely on information derived from Bank Verification Number (BVN), records of property ownership, records of foreign exchange allocation, and records of company ownership from the Corporate Affairs Commission (CAC), among others.

Adeosun also said:

“We are using some firms to trace assets internationally.The investigators’ findings will enable us to compare the income and how much tax the company/person is really paying, and that gives us lots of information.

But we encourage people to come up and pay their taxes willingly. You can register a high-end car. It tells me something about your income. So, we look at your tax returns. If you registered Mercedes E-Class and you are paying N100,000 tax, then something is wrong. Those are red flags. We now have the capacity to assess people accurately. We are trying to build an economy where we have oil and other things. It is going to be oil plus and wider economy”.

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Kim Boateng

Kim Boateng

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