FG To Earn N23 bn From VAIDS Before Year End

The Federal Government will rake in an additional N6 billion from the implementation of the Voluntary Assets and Income Declaration Scheme before the end of the year, the Executive Chairman, Federal Inland Revenue Service, Mr. Babatunde Fowler, has said. Fowler said that a total of N17 billion had been realised from the scheme in six months.

The FIRS boss disclosed this in Lagos on Wednesday 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.

With dwindling oil revenues, Fowler said VAIDS was vital to the nation’s evolution and quest to enhance economic recovery and growth. 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.

Photo Caption: Executive Chairman, Federal Inland Revenue Service, Babatunde Fowler