Minister of Finance, 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.’
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.
“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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