VAIDS: FIRS Gathers N30bn

By Ikenga Chronicles June 7, 2018

VAIDS: FIRS Gathers N30bn

The Executive Chairman, Federal Inland Revenue Service, Mr. Babatunde Fowler has said that the Service gathered about N30bn from taxpayers who have declared their assets under the Voluntary Assets and Income Declaration Scheme (VAIDS)of the Federal Government.

The VAIDS offered a grace period from July 1, 2017 to June 30, 2018 for tax defaulters to voluntarily pay back to the government what they owe, from which the said amount was gathered.

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Meanwhile, the government is fulfilling its promise of waived penalties that should have been levied and also the interest that should have been paid on overdue taxes.

Fowler said with less than three weeks to the expiration of the tax amnesty, taxpayers increased from 14 million to 19 million.

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He added that while the FIRS was responsible for the collection of 90 percent of the amount, the states accounted for the balance.

Fowler said, “As at date, the scheme has recovered nearly N30bn, both from individuals and corporate establishments. While the FIRS has collected about 90 percent of this figure, the states have been responsible for collecting 10 per cent.

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“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 number to over 19 million in 2018, and we are confident that these numbers will translate into a positive growth in the country’s tax revenue to GDP ratio when the official percentage for 2017 are released.”