Tax evasion: FG, States go after property owners in Magodo, Lekki, Ikoyi etc

The Federal Government has started beaming its searchlight on tax evaders with properties located in the highbrow areas across the country.

The property owners that will come under scrutiny for tax compliance are owners of properties in Maitama, Asokoro, Garki ll, Wuse ll in the Federal Capital Territory, FCT, and those in Banana Island and its environs, Magodo, Lekki, Ikoyi in Lagos state.

Recall the Federal Government had on July 1, 2017 granted tax payers a nine months grace period to regularize their tax statuses under the Voluntary Assets and Income Declaration Scheme (VAIDS).

According to a reliable Presidential source, the federal government through its data mining agency “Project Lighthouse” had received documents on property owners across the country from state governments.

The source revealed to journalists that tax records and bank account details of these property owners are being reviewed by the team of “Project Lighthouse.

According to the source, “the extension of the searchlight on these property owners is not unconnected with Illicit Financial Flow (IFF). Most of these people are diverting their incomes to properties and are not paying taxes.”