‘Declare your assets or face wrath of the law’ - The Hope Newspapers

‘Declare your assets or face wrath of the law’

Admin 13 Oct, 2017 News

By Fatima Muraina
Ondo State taxable residents have been urged to make voluntary declaration of their assets and income within the next nine months or be ready to face the wrath of the law.

A chartered accountant who is also a tax practioner, Mr. Olorunfunmi David Ologun gave this advice in an interview with The Hope shortly after presenting a paper on Fiscal Responsibility Law during a three day  sensitization workshop for end users on the recently passed laws in Akure, Ondo State capital.

Ologun disclosed that the Federal Government has appointed three hundred personnel to go out and do what he described as income assets identification of companies and individuals to expose defaulters.

According to him, the Federal Government came up with VAIDS by companies and individuals which means reviewing ones asset and income for the past six years.

His words: “If you know you have not being declaring the correct or reasonable sum, you refile in your applicable and pay the additional tax which you know you have to pay”

“After the nine months expiration given to individuals and companies, then the Federal Inland Revenue FIR or the BIR has the right to audit your books and then you will pay the tax due as well as interest and penalties. That is why they have appointed 300 people to go out and do income and asset identification if companies and individuals”, he said.

He disclosed that the first set of people have been deployed to some states and that it would also be effective in the state very soon.

Ologun , who observed that the officials may not be seen but will be doing their jobs in all the towns and villages, advised people to pay what they considered reasonable as tax to avoid the BIR to make  back duty  assessment of six years back, the difference, interest and pay penalty.

He said salary earners who have some other businesses where incomes   are derived from are expected to also pay tax in such incomes and would be liable if such businesses are not formerly declared.

It would be recalled that the scheme was introduced by the Federal Government on June 29th, 2017, implemented since July 1st, 2017 and had been introduced to the accountants across the state by the state BIR for proper dissemination to their various clients.

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