$50m generated from VAIDS 2-months after launch – FIRS chair
Four months after the Federal Government launched the Voluntary Assets and Income Declaration Scheme (VAIDS), which commenced on July 1, an estimated $50 million has already been raised by tax authorities.
The Chairman of Federal Inland Revenue Service (FIRS), Babatunde Fowler, made the disclosure at the Nigeria Governors’ Forum Secretariat (NGFS) annual IGR Peer Learning event, Monday, in Abuja.
The event which was part of NGFs strategic mandate to improve fiscal governance at the subnational level, had in attendance all Commissioners of Finance of the 36 States and Chairmen of States’ Boards of Internal Revenue.
Recall that Vice President Yemi Osinbajo, had on June 29, as acting president, had launched the scheme which commenced on July 1 to last for a period of 9 months.
VAIDS is an initiative designed to encourage voluntary disclosure of previously undisclosed assets and income for the purpose of payment of all outstanding tax liabilities.
The scheme is being implemented by the FIRS in collaboration with all 36 State Internal Revenue Services and the FCT IRS.
The scheme allows the government to gather intelligence locally and through various international conventions and multilateral agreements obtain information required for prosecution of defaulting taxpayers or those who make false declarations. Already an international forensic and assets tracing company has been engaged to support the process.
Fowler, who noted that the peer learning event will enhance exchange of ideas to enhance revenue generation at this critical point of the nation history said, “To address the challenges we have discussed, government has proposed to access and obtain information from all categories of tax payers through VAIDS. Under this scheme all tax payers who are in default of payment will be required to voluntarily declare assets and income before March 31, 2018.
“I am glad to note that a lot of enquires have been made both at the state and federal level. At the federal level, over $50 million has 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.
We believe that payment of tax is your contribution towards the society we live. As tax administrators, we have created a platform where other revenue agencies such as Nigeria Custom Service, Immigration and Federal Road Safety Corps can work hand in hand to optimise revenue collection.”
The FIRS boss further disclosed that by the end of the year, a database on those who pay tax would be completed, warning that from next year defaulters may not enjoy government services.
According to him, “On this note I will like to inform everyone here that the consolidation of our tax database is now being completed, this means that before end of the year 2017, wherever you are as long as you are a tax administrator, you hit the button and know the tax status of any individual and organisations regardless of where they are located.
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