The Federal Government says it intends to make an additional N6 billion from the implementation of the Voluntary Assets and Income Declaration Scheme (VAIDS) before the end of the year.
Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, at a media workshop on VAIDS said the sum is in addition to the N17billion that had been realized through the scheme within six months.
According to Fowler, the scheme had generated enthusiasm among taxpayers, many of whom he said were coming forward to declare previously undeclared incomes. He also added that VAIDS is necessary at this time in the nation’s evolution, particularly with shrinking oil revenues.
According to the FIRS Chairman, taxation is considerably 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 regularize their tax status.
Fowler added that a total of N17billion has been realized from the scheme in six months, adding that the scheme is expected to rake in another N6billion before the end of the year.
“Our objective is to see the tax payer still growing so if you have nearly filed bankruptcy and you have got a loan to bring the business alive we will make sure that you pay the current taxes and give enough time to pay the backlog.”
“I would like us to not have any fear that if you come forward you will be worse off. I assure you that our objective is not killing businesses; we are just trying to bring everybody back into the system for the love of the country and the economy.” He assured.
The Voluntary Assets and Income Declaration Scheme (VAIDS) is a time-limited opportunity for taxpayers to regularize their tax status relating to previous tax periods and pay any taxes due.The scheme was launched on June 29 2016 and will end March 2018.
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.