President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30, 2018.
The short extension after the original March 31 date is based on the appeals of professional bodies and individual taxpayers, Femi Adesina, spokesman of the president, said in a statement.
Adesina added that no further extension of time will be approved after June 30.
He statement said the new date was given based on the conviction of the ministry of finance that the overall objective to increase compliance will be attained, and additional revenue will accrue.
“A fresh executive order will be made to give legal backing to the new timeline,” the statement read.
“For a nation of people who are competitive and driven, it is not a pride that we are the lowest performer in tax to GDP, not just in Africa, but in the world.