Nigeria recovers 17 billion naira from tax evaders through VAIDS

Nigeria has recovered a total of 17 billion naira from tax evaders through its new policy on Voluntary Assets and Income Declaration Scheme (VAIDS), which was luanched in July, head of the Federal Inland Revenue Service (FIRS) has said.

Babatunde Fowler, who spoke at a media workshop in Lagos on Wednesday said the amount was voluntarily paid to government coffers by some corporates in compliance with the VAIDS, which offers tax evaders amnesty from prosecution and penalty payment of taxes not remitted in the last six year or more by companies and individuals.

He said the service has recorded significant progress in the implementations of the scheme since it was launched with around additional 6 billion naira expected from some firms after an audit of their books.

The FIRS chief executive appeal to those who are yet to embrace the scheme to do so during the lifespan of the programme, which will end on March 31, 2018.

“VAIDS is a time-limited opportunity for taxpayers to regularise their tax status in exchange for fully and honestly declaring previously undisclosed assets and income," Fowler said.
He said the scheme provides a good opportunity for individuals and corporates that have under-declared or evaded tax in the time past to do so without incurring the wrath of the law.
According to the FIRS Chairman, taxation is a considerably more reliable source of revenue than oil. He urged those who have earned undeclared incomes to take advantage of the window provided by VAIDS to regularise their tax status.