By David Agba
Abuja
The federal government yesterday revealed that the Voluntary Assets and Income Declaration Scheme (VAIDS) has turned in the total sum of N23 billion from sundry registrations.
Executive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler dropped this hint yesterday at a media workshop to further sensitise the public on the need to embrace the policy, held in Abuja.
Federal government had targeted to rake in about $1 billion from the on-going VAIDS, before the deadline on March 31, 2018.
Fowler explained that six companies brought in N6 billion, while N17 billion was raked from those who had registered, adding that overall, 2700 firms have so far registered but that only 10 had duly registered.
He pointed out that with consistent inflow of revenue into government coffers there would be funds to build infrastructure and that tax was a veritable avenue for that.
The FIRS boss expressed hope that there would be a change as even state governors have started showing interest, pointing out that it would not be politicized neither will it function like the EFCC.
He also hinted that very soon, the service would institute court action and sell off all empty property in the FCTand use the proceeds as tax revenue, while the balance will be given to their owners.
Fowler stressed the need for a wider tax net while calling for a change in Nigeria’s tax culture.
He therefore urged Nigerians not to wait until last minute to declare income and assets because they will save more if they declare early. “If they come in between January 1st and March 31st, they will have to pay the 10 percent penalty.”
