Government targets additional 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 on Wednesday, 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.

Fowler 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.

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

Executive Chairman, FIRS, Tunde Fowler, disclosed this at a media workshop on VAIDS in Lagos yesterday.

Speaking at the event, Fowler said the FIRS would help prospective declarers with documentation and advice whenever the service is approached.

According to the FIRS Chairman, 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.

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.

Fowler added that a total of N17billion has been realised from the scheme in six months, adding that the scheme is expected to rake in another N6billion before the end of the year.