FEDERAL GOVERNMENT HOPES TO GET EXTRA N6BILLION FROM VAIDS

The Federal Government will rake in an additional N6billion from the implementation of the Voluntary Assets and Income Declaration Scheme (VAIDS) before the end of the year. The sum is in addition to the N17billion already yielded by the scheme within six months.

This was disclosed in Lagos by the Executive Chairman, Federal Inland Revenue Service (FIRS), Babatunde Fowler, 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. He argued that VAIDS is necessary at this time in the nation’s evolution, particularly with shrinking oil revenues.

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 also declared that the Federal Inland Revenue Service (FIRS) would offer free advisory services to taxpayers, who ready to comply with the Voluntary Assets and Income Declaration Scheme (VAIDS).

Speaking at the event, Fowler said the FIRS would help prospective declarers with documentation and advice whenever the service is approached. According to him, taxation is a 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 regularise their tax status. (Guardian)