The Executive Chairman, Federal Inland Revenue Service, Babatunde Fowler ha said that a total of 20 billion naira has so far been realised from 262 taxpayers who have declared their assets under the Voluntary Assets and Income Declaration Scheme, VAIDS by the Federal Government.
He gave the figure while featuring on a live television programme, ‘The Core’, which was aired on Channels Television. The programme also featured the Minister of Finance, Kemi Adeosun, among other panelists.
The VAIDS offers a grace period of nine months from July 1st, 2017 to March 31st, for tax defaulters to voluntarily pay back to the government what they owe.
In exchange for full and honest declaration, the government promises to waive penalties that should have been levied and the interest that should have been paid on overdue taxes.
Also, those who declare their tax obligations honestly will not be subjected to any investigation or tax audit after the grace period. Fowler stated that as the scheme was approaching the deadline, there were lots of people who would take advantage of the scheme.