ADEOSUN SAYS NIGERIA TARGETS FOUR MILLION FRESH TAX PAYERS THROUGH VAIDS
Written by Kaka Saratu Poga on February 16, 2018
Through the implementation of the Voluntary Assets and Income Declaration Scheme, the Federal Government is targeting to bring a total of four million fresh taxpayers into the tax net.
The Minister of Finance, Kemi Adeosun, gave the figure at the ongoing Platform for Collaboration on Tax Conference at the United Nations in New York.
The VAIDs programme offers a grace period from July 1, 2017 to March 31, 2018, for tax defaulters to voluntarily pay back to government what they owe.
In exchange for full and honest declaration, the government promises to waive penalties that should have been levied and also waive the interest that should have been paid on overdue tax.
Also, those who declared their tax obligation honestly would not be subjected to any investigation or tax audit after the nine month grace period.
Adeosun explained that the VAIDS tax amnesty program was targeted at increasing the tax payer base, raising revenue and regularising the tax status of many Nigerians.