FG to earn N23bn from VAIDS before year end – Fowler

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The Federal Government will rake in an additional N6bn from the implementation of the Voluntary Assets and Income Declaration Scheme before the end of the year, the Executive Chairman, Federal Inland Revenue Service, Mr. Babatunde Fowler, has said.

Fowler said that a total of N17bn had been realised from the scheme in six months.

The FIRS boss disclosed this in Lagos on Wednesday at a media workshop on VAIDS.

According to Fowler, the scheme has generated enthusiasm among taxpayers, many of whom are coming forward to declare previously undeclared incomes.

With dwindling oil revenues, Fowler said VAIDS was vital to the nation’s evolution and quest to enhance economic recovery and growth.

At the workshop, experts presented papers on the role of data in the implementation of VAIDS, similar tax amnesty programmes in other countries as well as how VAIDS works and its benefits.

Fowler said the Federal Government would offer free advisory services to taxpayers, who are ready to comply with VAIDS.

He said FIRS would help prospective declarers with documentation and advice whenever the service was approached.

According to him, taxation is considerably a more reliable source of revenue than oil.

He urged those who have earned undeclared incomes to take advantage of the window provided by VAIDS to regularise their tax status.

The workshop featured presentations by tax experts on the role of data in taxation, tax amnesty programmes in other countries and the provision of VAIDS.

 

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