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Germany pound Mexico 4-1 to meet Chile in Confed Cup final

Kayode Ogundele
Kayode Ogundele
Osinbajo offers 9 months grace period to tax evaders June 29, 2017 8:42 pm by racheal.ishaya - Nigeria - NAN-HE-16 Tax By Racheal Ishaya Abuja, June 29, 2017 (NAN) Acting President, Yemi Osinbajo on Thursday offered nine months grace period to tax payers to regularise their tax status or face criminal prosecution for tax offences. Osinbajo made the in Abuja at the inauguration of the Voluntary Assets and Income Declaration Scheme (VAIDs). He said the scheme was specially targeted at taxpayers who had not declared their taxable incomes and assets, as well as those who don’t pay at all, and those who had been underpaying or under remitting. Osinbajo said the scheme would cover all federal and state taxes such as companies’ income tax, personal income tax, petroleum profit tax, capital gains tax, stamp duties and tertiary education tax. “The scheme will be operated from July 1, 2017 to March 31, 2018. “It will be supported by an executive order, which I will sign into law today to offer a once in a life time opportunity to those in default to regularise their tax affairs. “In exchange for full and honest declaration, tax evaders will receive immunity from prosecution, forgiveness of penalty and interest that is due on unpaid taxes. “They will also get the full assurance that all information provided will remain confidential. “In addition, participants in the scheme will not be selected for audit investigation for the period. “We understand that some tax payers may have problems raising cash and for that reason, we have built in a system that will allow those owing to pay over a period of time.’’ According to the acting president, this is subject to conditions. Osinbajo said that those who failed to take advantage of the nine months grace period would face criminal investigation and if found guilty may face up to five-years jail term. He said that the government would immediately commence a nationwide sensitisation of Nigerians on the scheme and tax in general to ensure compliance. “To this end, we have agreed that every Thursday starting from today, and for the next one year will be declared Tax Thursday. “We expect the Federal Inland Revenue Service (FIRS) and every state government to organise sensitisation events that would raise awareness of the tax system to ensure massive enrolment of new tax payers. “We must enroll at least 4 million tax payers and increase the level of payment among the 14 million already registered tax payers. “We expect that all state governors will personally lead this initiative and support the work of the 7,500 community tax liaison officers that would be employed shortly.’’ The acting president said that a high level team working with the Federal Ministry of Finance was set up 15 months ago to research on tax evasion and illicit financial flows. He said the report of the team, which was tagged “Light House Project” searched various data bases such as banks, Corporate Affairs Commission, vehicle registration numbers and immigration to fish out tax evaders. On the international front, Osinbajo said; “Nigeria is now a party to the automatic exchange of information which comes into effect in January, 2018’’. “This means that Nigeria will automatically have all the information to successfully pursue tax evaders across the world. “Specifically, we will have information on beneficial owners of assets held abroad, including those in tax havens,” he said. Meanwhile, the Minister of Finance, Mrs Kemi Adeosun, said that with the scheme, Nigeria hoped to increase tax to Gross Domestic Product (GDP) of the country from six per cent to 30 per cent. “If we pass this test, the future of Nigeria is assured,” she said. In his remarks, Sen. John Enoh of Cross River Central, who represented the President of the Senate, assured of legislative backing to the scheme. He said the senate would pass whatever legislation needed to improve tax compliance in the country. Similarly, the Chairman of Nigeria Governors Forum, Mr Abudulaziz Yari pledged the state governments’ support and commitment toward the new initiative. Yari, who is also the Governor of Zamfara, said that state governments would be the biggest beneficiary of revenues derived from the scheme as they would give the FIRS necessary support. A recent report of the Joint Tax Board showed that only 14 million people out of the estimated 69.9 million Nigerians, who are economically active, are paying taxes. Accordingly, 96 per cent of the 14 million have their taxes deducted at source; this shows that they are government workers. Also, only 214 Nigerians pay taxes of about N20 million annually and about 900 Nigerians pay N10 million as tax every year.
Osinbajo offers 9 months grace period to tax evaders June 29, 2017 8:42 pm by racheal.ishaya - Nigeria -NAN-HE-16 Tax By Racheal Ishaya Abuja, June 29, 2017 (NAN) Acting President, Yemi Osinbajo on Thursday offered nine months grace period to tax payers to regularise their tax status or face criminal prosecution for tax offences.Osinbajo made the in Abuja at the inauguration of the Voluntary Assets and Income Declaration Scheme (VAIDs).He said the scheme was specially targeted at taxpayers who had not declared their taxable incomes and assets, as well as those who don’t pay at all, and those who had been underpaying or under remitting.Osinbajo said the scheme would cover all federal and state taxes such as companies’ income tax, personal income tax, petroleum profit tax, capital gains tax, stamp duties and tertiary education tax.“The scheme will be operated from July 1, 2017 to March 31, 2018.“It will be supported by an executive order, which I will sign into law today to offer a once in a life time opportunity to those in default to regularise their tax affairs.“In exchange for full and honest declaration, tax evaders will receive immunity from prosecution, forgiveness of penalty and interest that is due on unpaid taxes.“They will also get the full assurance that all information provided will remain confidential.“In addition, participants in the scheme will not be selected for audit investigation for the period.“We understand that some tax payers may have problems raising cash and for that reason, we have built in a system that will allow those owing to pay over a period of time.’’According to the acting president, this is subject to conditions.Osinbajo said that those who failed to take advantage of the nine months grace period would face criminal investigation and if found guilty may face up to five-years jail term.He said that the government would immediately commence a nationwide sensitisation of Nigerians on the scheme and tax in general to ensure compliance.“To this end, we have agreed that every Thursday starting from today, and for the next one year will be declared Tax Thursday.“We expect the Federal Inland Revenue Service (FIRS) and every state government to organise sensitisation events that would raise awareness of the tax system to ensure massive enrolment of new tax payers.“We must enroll at least 4 million tax payers and increase the level of payment among the 14 million already registered tax payers.“We expect that all state governors will personally lead this initiative and support the work of the 7,500 community tax liaison officers that would be employed shortly.’’The acting president said that a high level team working with the Federal Ministry of Finance was set up 15 months ago to research on tax evasion and illicit financial flows.He said the report of the team, which was tagged “Light House Project” searched various data bases such as banks, Corporate Affairs Commission, vehicle registration numbers and immigration to fish out tax evaders.On the international front, Osinbajo said; “Nigeria is now a party to the automatic exchange of information which comes into effect in January, 2018’’.“This means that Nigeria will automatically have all the information to successfully pursue tax evaders across the world.“Specifically, we will have information on beneficial owners of assets held abroad, including those in tax havens,” he said.Meanwhile, the Minister of Finance, Mrs Kemi Adeosun, said that with the scheme, Nigeria hoped to increase tax to Gross Domestic Product (GDP) of the country from six per cent to 30 per cent.“If we pass this test, the future of Nigeria is assured,” she said.In his remarks, Sen. John Enoh of Cross River Central, who represented the President of the Senate, assured of legislative backing to the scheme.He said the senate would pass whatever legislation needed to improve tax compliance in the country.Similarly, the Chairman of Nigeria Governors Forum, Mr Abudulaziz Yari pledged the state governments’ support and commitment toward the new initiative.Yari, who is also the Governor of Zamfara, said that state governments would be the biggest beneficiary of revenues derived from the scheme as they would give the FIRS necessary support.A recent report of the Joint Tax Board showed that only 14 million people out of the estimated 69.9 million Nigerians, who are economically active, are paying taxes.Accordingly, 96 per cent of the 14 million have their taxes deducted at source; this shows that they are government workers.Also, only 214 Nigerians pay taxes of about N20 million annually and about 900 Nigerians pay N10 million as tax every year.

Leon Goretzka scored twice in the opening eight minutes as Germany beat Mexico 4-1 in Sochi to join Chile in the Confederations Cup final.

The Schalke midfielder swept home a Benjamin Henrichs pass from 20 yards and then slotted home from Timo Werner’s through ball.

Werner then tapped home Jonas Hector’s pass to increase Germany’s lead.

Marco Fabian scored a brilliant 35-yard strike for Mexico, before Amin Younes added a fourth for Germany.

Mexico had plenty of chances to come back into the game at 2-0 down but squandered them.

Fabian’s stunner came too late to threaten a comeback, although there was a chaotic ending with several chances at both ends.

While Germany go onto Sunday’s final in St Petersburg, Mexico face Portugal in a third-fourth play-off earlier that day.

Germany boss Joachim Low left most of his regular star players at home, including Manuel Neuer, Jerome Boateng, Mesut Ozil, Toni Kroos and Thomas Muller.

That their weakened squad includes first-team players from Barcelona, Bayern Munich, Manchester City, Paris St-Germain, Arsenal and Liverpool speaks a lot about the strength in depth of German football.

Germany have two young teams in international finals this weekend. Five of the starting 11 in the Confederations Cup semi-final would have been eligible for Saturday’s European Under-21 Championship final against Spain – including Goretzka and Werner, who are now joint top scorers in the tournament with three apiece.

Despite their opponents having chances, Germany looked comfortable, with Goretzka impressive before he was replaced midway through the second half and Werner staking a claim to be Germany’s first-choice striker for next summer’s World Cup.

The RB Leipzig front man could have scored more, but attempted to poke one effort through Guillermo Ochoa’s legs, with the Mexican keeper blocking that effort, and put another shot wide from a wide angle.

Ajax’s Younes scored their late fourth, turning home a pass from fellow substitute Mere Can.

It took Mexico 89 minutes, but they finally beat Marc-Andre ter Stegen
With better finishing, Mexico could have revitalised a game that felt over within eight minutes. They had more than twice as many shots as Germany – 26-12 – and had more efforts on target too, eight to seven.

Fabian’s effort from a short free-kick was the best goal of the game.

At 2-0, Giovani dos Santos forced a save from Marc-Andre ter Stegen and Javier Hernandez shot over from six yards, while Hector Herrera and Raul Jimenez also tested the Barcelona keeper.

Jimenez went even closer when he hit the crossbar with a header in the 75th minute, although at 3-0 that would only have been a consolation.

After Younes made it 4-1 in injury time, Mexico still had time for more attempts with Hernandez clipping the post and Jimenez heading wide.

Mexico start their Gold Cup defence a week after their third-fourth play-off against Portugal.

However, only three members of the Confederations Cup squad are playing in the tournament for teams in North and Central America and the Caribbean.

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