FG recovers N30 billion from VAIDS

The Federal Government has approved the issuance of a Declaration Certificate to taxpayers under the Voluntary Assets and Income Declaration Scheme (VAIDS), after it recovers N30 billion from adopting the scheme.

The Declaration Certificates, which was approved by the Minister of Finance, Mrs. Kemi Adeosun, are to be given to taxpayers who voluntarily declared their previously undisclosed assets and income.

The Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, unveiled the VAIDS Declaration Certificate on Wednesday in Abuja at a Workshop organised for chairmen of States’ Inland Revenue Service.

Fowler disclosed that the certificate was customised for each State tax authority with several security features and would be issued to the taxpayers upon submission of their declaration forms.

Speaking shortly before unveiling the VAIDS Declaration Certificate, Mr Fowler said the Federal Government had recovered about N30 billion from individuals and corporate establishments through the tax amnesty scheme.

According to him, 90% of the amount was collected by the Federal Inland Revenue Service (FIRS), while the remaining 10% was recovered by the States.

Fowler, who is also the Chairman of the Joint Tax Board, stated that the national taxpayers’ database had increased from 14 million in 2016 to over 19 million in 2018.

He expressed optimism that the number would translate into a positive growth in the country’s Tax Revenue to GDP ratio.

He commended many States of the federation whom he said have achieved significant success in implementing the tax declaration policy, and urged the various tax administrators to adequately educate, enlighten and sensitise taxpayers to be fully alive to their tax obligations.