FG recovers N30 billion from VAIDS

FIRS

The Federal Government has approved the issuance of Declaration Certificate to taxpayers under the Voluntary Assets and Income Declaration Scheme (VAIDS) through which N30 billion has been recovered.

Mr Babatunde Fowler, Chairman of the Federal Inland Revenue Service (FIRS)

Mr Babatunde Fowler, Chairman of the Federal Inland Revenue Service (FIRS)

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

Mrs Kemi Adeosun, the Minister of Finance, had approved the certificates, which are to be given to taxpayers who voluntarily declared their previously undisclosed assets and income.

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.

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

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

Fowler, who is also the Chairman of the Joint Tax Board, said 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 state governments that have achieved significant success in implementing the tax declaration policy, urging tax administrators to embark on public enlightenment drive to sensitise taxpayers to be fully alive to their tax obligations.

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