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FG Makes N30bn From VAIDS Programme



FG makes N30bn from VAIDS
FG makes N30bn from VAIDS

Babatunde Fowler, FIRS boss (File Photo)

FIRS Boss Recounts Success Story Of VAIDS

Mr. Babatunde Fowler, the FIRS boss, has disclosed that the federal government has made about N30bn in proceeds from its tax amnesty programme – the Voluntary Assets and Income Declaration Scheme (VAIDS).

The disclosure was made in Abuja on Wednesday by Mr. Fowler while declaring open the presentation of VAIDS certificates of declaration to the chairmen of the state tax revenue authorities and speaking on the performance of the scheme.

He further revealed that the scheme has added five million tax payers to the initial 14 million tax database.

With less than three weeks to the end of the programme, Naija News recalls VAIDS was originally meant to expire on March 31, 2018, but was extended for another three months to June 30 by President Buhari.

“Looking beyond the financial returns of the scheme, the impact it has had in promoting voluntary compliance is unquantifiable. One of the outcomes of the scheme, whether directly or indirectly, is the growth of the national taxpayer database from under 14 million pre-2016 to over 19 million in 2018, and we are confident that these numbers will translate into positive growth in the country tax revenue-to-GDP ratio when the official percentage for 2017 is released,” he said.

According to him, FIRS was responsible for the collection of 90 per cent of the sum, the states accounted for 10 per cent of the collection.

He said: “We believe that this aspect of the workshop will facilitate the exchange of ideas which we are confident will assist all of us in utilising the remaining period that is provided by the scheme.

“VAIDS goes beyond just taking advantage of immediate gains. In recent times, the incidence of illicit financial flows, aggressive tax avoidance and outright tax evasion are on the front burner.

“The international community, recognising the need to present a united front against this trend, which is a limiting factor in the quest towards exploiting the inherent potential of taxation as a viable alternative to sustainable revenue generation, especially for developing and emerging economies, has designed and is implementing a number of initiatives that will leave no hiding place for the tax evader.”

“As part of activities lined up to ensure increased awareness on the scheme in particular and tax compliance in general, staff of the JTB secretariat in collaboration with the Federal Ministry of Finance will, from June 14, 2018, take part in the tax sensitisation exercise every Thursday in the states until the end of the scheme.

“It may also interest us to know that the National Tax Policy Implementation Committee is proposing a national tax day, a special day which is to be set aside every year for awareness and sensitisation on tax-related matters.”

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