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Nigeria Sees 2017 Tax Amnesty Adding $1 Billion to Public Funds

  • Govt will launch plan June 29 to recover debt from firms
  • Fund expected to reduce govt borrowing, fund infrastructure
Downtown Lagos, Nigeria.

Downtown Lagos, Nigeria.

Photographer: Pius Utomi Ekpei/AFP via Getty Images

The Nigerian government expects to raise more than $1 billion in a tax amnesty program that encourages individuals and companies to clear unpaid bills by the end of this year.

Tax evaders including multinational companies will have from July 1 to Dec. 31 to “regularize their tax status in exchange for immunity from prosecution of tax offenses,’’ and “from penalty charges and interest’’ the finance ministry said in an emailed statement. Vice President Yemi Osinbajo will launch the program on June 29.