TheCable

Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says the announced deadline for the Voluntary Assets and Income Declaration Scheme (VAIDS) will not be extended.

VAIDS is a self-assessment and tax compliance window for individuals and business entities to pay tax arrears without fear of prosecution and defaulters who do not comply will be sanctioned beginning from the March 2018 deadline.

Speaking in Abuja at a VAIDS workshop organised in conjunction with Chartered Institute of Taxation of Nigeria (CITN) on Thursday, Fowler said those interested in doing the right thing will do so within six months.

“This programme will not be extended. It is an initiative of the federal government. It was adopted by the house of representatives and the senate.

“I think those who have the intention to do the right thing will do so within six months. This programme is for six months. For individuals and corporate organizations that have no intention of doing the right, even if you give them 10 years, they won’t do the right thing.

“In Nigeria many people don’t use the services of tax consultants because they think they can do it on their own but I think this is one programme in which they will need your services, expertise and your buy-in.

“This is a programme that Nigeria needs very badly. There are other economies that were in similar situations and they used similar programmes to get out of similar situations.

“We have the laws in the statute books, but how many people do you want to prosecute? How many companies do you want to close?”