The Federal Government will rake in an additional N6 billion from the implementation of the Voluntary Assets and Income Declaration Scheme (VAIDS) before the end of the year.
The sum is in addition to the N17 billion already yielded by the scheme within six months.
Babatunde Fowler, Executive Chairman, Federal Inland Revenue Service (FIRS) disclosed the scheme’s expectation at a media workshop on VAIDS in Lagos on Tuesday, 12 December.
According to Fowler, the scheme has generated enthusiasm among taxpayers, many of whom are coming forward to declare previously undeclared incomes.
Fowler stated that the scheme is necessary at this time in the nation’s evolution, particularly with shrinking oil revenues.
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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.
Earlier this month in Abuja, Fowler stated that the FIRS had also sealed off over 2,000 properties in the Abuja over owners’ failure to file annual tax returns.
He noted that in terms of numbers, “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.
“Since VAIDS was launched, we have seen over 2000 properties in Abuja that have ownership of corporate organizations that have not filed any tax, have not paid any tax.
“And that is why we gave them notice that we will shortly be going to court, we will be seizing those properties and selling those properties to make up for the outstanding tax and if there is any change, we will refund the change to them,” he said.
