Nigeria: Tax amnesty program | KPMG | GLOBAL

Nigeria: Tax amnesty program

Nigeria: Tax amnesty program

The Federal Ministry of Finance has been authorized to establish a “voluntary assets and income declaration scheme” for taxpayers with unpaid tax liabilities—that is, a tax amnesty program.

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The tax amnesty program is effective 1 July 2017. The program provides a nine-month period during which eligible taxpayers can declare their previously unreported assets and income from all sources (whether inside or outside Nigeria) for the preceding six years (the 2011-2016 years of assessment) in order to regularize their tax status and be fully compliant.

Those taxpayers that voluntarily participate in the tax amnesty program may benefit from certain incentives, such as immunity from prosecution and from tax audits, and waivers of penalties and interest charges. Participating taxpayers also may be able to spread payments of the amount of taxes owed over a maximum period of three years (subject to an agreement with the tax authority).

 

Read a July 2017 report [PDF 194 KB] prepared by the KPMG member firm in Nigeria

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