The time is ticking away as the Voluntary Assets and Income Declaration Scheme, also known as tax amnesty, approaches the finish line.

The Federal Inland Revenue Service boss, Tunde Folwer is not mincing words.

He says those who fail to take advantage of it would be punished.

Fowler advised prominent Nigerians with tax liabilities to take advantage of the tax amnesty as political, social or economic prominence will not insulate them from sanctions for non-declaration.

Fowler gave the advice in an interview in Lagos on Saturday.

According to him, VAIDS offers all categories of tax debtors an opportunity to regularise their status and come clean.

He also warned that failure to take advantage of the tax amnesty programme, which ends on March 31, will attract a number of sanctions.

Also Read: 5 Things Small Business Owners Must Know About Govt’s Tax Amnesty

The sanctions include: the payment of penalties and interests on owed taxes, tax audit and prosecution.

Asked if Nigerians with strong social and political connections would not escape sanctions for failure to comply with the VAIDS, Fowler explained that the laws against tax avoidance did not respect political, social or corporate positions.

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