VAIDS: FIRS Generates N17bn In Six Months
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Tunde Flower, has revealed that the tax amnesty granted by Federal Government under Voluntary Assets and Income Declaration Scheme (VAIDS), raked in N17 billion between June and December 2017.
Fowler made this disclosure at the flag off of VAIDS public enlightenment, on Thursday, in Abuja.
According to him, an additional N6 billion is expected for remittance before the end of December 2017.
The tax agency also noted that it had identified 2,000 properties in various parts of Federal Capital Territory (FCT), Abuja whose owners neither pay taxes nor file returns on them.
Fowler added that more firms are keen to seize the window of opportunity offered by amnesty to regularize their tax status, adding that they have engaged consultants who are asking questions for clarification.
“Less than 500 firms have paid N17 billion and another N6 billion is being expected to be paid before the end of December. Also, $50 million has been declared by individuals with properties and investment overseas, so VAIDs is also providing foreign exchange for the country. “In terms of number, we have not gotten the type of crucial number we envisaged. When we gave tax amnesty, we have 2,700 companies that applied for it, now we are talking about several companies that have come under VAIDS. A lot more needed to be done.
Companies are asking questions, talking to consultants; we expect a whole lot more to come in as the programme gets to a close. “All this will help improve the low tax ratio from six per cent to 15 per cent by 2020 and curb the use of tax havens for illicit fund flow and tax avoidance,” he said.
The FIRS boss further stressed that the March 2018 deadline given to people and firms to regularise their tax defaults is sacrosanct and will not be shifted.