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VAIDS: FG realises N30bn of N350bn target

VAIDS: FG realises N30bn of N350bn target
June 06
19:43 2018

The federal government has realised N30 billion of its N350 billion target for the Voluntary Assets and Income Declaration Scheme programme.

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VAIDS, a tax amnesty programme, which was supposed to last for nine months between July 2017 and March 2018 was extended for another three months by the federal government.

Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS) made this known on Wednesday at a workshop organised for chairmen of states’ Inland Revenue Service.

The FIRS chairman said 90% of the amount realised was collected by the FIRS and the remaining 10% was recovered by states.

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According to a statement released by Patricia Deworitshe, deputy director of press at the ministry of finance, Fowler also unveiled the declaration certificate that would be presented to taxpayers under VAIDS.

The certificates, which was approved by Kemi Adeosun, the minister of finance, will only be given to taxpayers who voluntarily declared their previously undisclosed assets and income.

He said the certificates were customised for each state tax authority with several security features and would be issued to the taxpayers upon submission of their declaration forms.

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According to Fowler, who is also the chairman of the Joint Tax Board, the national taxpayers’ database had increased from 14 million in 2016 to over 19 million in 2018.

He expressed optimism that the number would translate into a positive growth in the country’s tax revenue to GDP ratio.

He commended states that have achieved significant success in implementing the tax declaration policy and urged the various tax administrators to adequately educate, enlighten and sensitise taxpayers to fulfil their tax obligations.

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