Tuesday, November 27, 2018
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Fowler: VAIDS has yielded N16.9bn at federal level alone

Fowler: VAIDS has yielded N16.9bn at federal level alone
November 27
21:05 2017
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Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says the voluntary assets and income declaration scheme (VAIDS) has generated N16.9 billion at the federal level alone.

Fowler said this on Monday while speaking at an interactive session for review of 2018–2020 Mmedium term expenditure framework (MTEF) and fiscal strategy paper (FSP) in Abuja.

The programme was organised by the house of representatives committee on finance and appropriations.

He said the agency recorded 79.35 percent (N3.233 trillion) of its 2017 target within 10 months, adding that the FIRS already had strategies for achieving its objectives in the 2018 budget.

He also said the FIRS justification for 2018-2020 revenue frameworks was based on the federal government’s economic recovery and growth plan.

Fowler, who was the chairman of the Lagos Inland Revenue Service (LIRS), said the tax assessment carried out between 2013 and 2015 showed that N1 trillion was raised and that the collection from tax audit exercise stood at N36.59 billion.

According to him, this exercise has yielded N3.7 billion to government coffers and is an indication that FIRS would meet the assumptions in the 2018-2020 MTEF.

He said the new modalities structured for optimal access of receivable dues from the scheme had yielded over $54 million (N16.73 billion) and N207.41 million, totalling about N16.93 billion at the federal level only.

“We have stepped up enforcement activities against task defaulters on different fronts; these include placing non-compliance stickers on business premises of taxpayers with outstanding amounts but made no move to liquidate it,” he said.

“We also adopted substitution as enforcement tool by putting a lien on the bank account of errand taxpayers.

“This in my view will serve as a deterrent to defaulters and consequently increase tax collection.”

VAIDS, which gives tax defaulters a window to regularise payments, will close in March 2018.

In a statement released on Sunday, Kemi Adeosun, minister of finance, said 500 letters will be sent to defaulters and thousands more will get such letters.

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Exchange Rates

November 27, 2018USDGBPEUR
INTERBANK306397354
LAGOS363475418
KANO364476420
PH364476420
ABUJA363478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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