The Chairman, Federal Inland Revenue Service (FIRS), Babatunde Fowler, says the Voluntary Assets and Income Declaration Scheme (VAIDS) has yielded over $50 million in revenue since the scheme was launched four months ago.
He made this disclosure on Monday while speaking at an event organised by the Nigeria Governors’ Forum in Abuja.
The Chief tax collector said the scheme should not be taken lightly by taxpayers as the tax waiver they currently enjoy will cease by March 2018.
“I am glad to note that a lot of enquires have been made both at the state and federal level,” he said.
“At the federal level over $50 million have been realised through this scheme today.
“I will like also to use this opportunity to call on the general public to give total support to tax authorities and revenue agencies to enable us efficiently discharge our duties by collecting the needed revenue to fund government projects and services.
“To address the challenges we have discussed, the government has proposed to access and obtain information from all categories of tax payers through VAIDS.
“Under this scheme, all taxpayers who are in default of payment will be required to voluntarily declare their income before March 31, 2018.
“We hope from this month on, all states will be complaint with remittance of VAT and holding tax as at when due. This will not only increase IGR at the state level but will also increase IGR at the federal level.”
The Ministry of Finance introduced the Voluntary Assets and Income Declaration Scheme (VAIDS) VAIDS on July 1 to ensure that individuals and corporate entities are given a time-limited opportunity to voluntarily declare their income and assets as the basis for tax assessment.
VAIDS is a time-limited opportunity for taxpayers to regularize their tax status relating to previous tax periods and pay any taxes due. In exchange for fully and honestly declaring previously undisclosed assets and income, tax payers will benefit from forgiveness of overdue interest and penalties, and the assurance they do not face criminal prosecution for tax offences or tax investigations.