Connect with us

Business

FG recovers N30bn from VAIDS

Published

on

The Federal Government says it has recovered about N30 billion from the Voluntary Assets and Income Declaration Scheme (VAIDS).

The amount was realised from individuals and corporate establishments through the declaration scheme.

VAIDS, which was launched in June 2017, is a federal government tax amnesty programme initially scheduled to last from July, 2017 to May, 2018 but was later extended for another three months and expected to terminate this month.

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, disclosed this on Wednesday in Abuja at a workshop organised for chairpersons of states’ Inland Revenue Service.

Read also: Nigeria’s foreign trade in goods rises by 20% to N4.69tn in Q1— NBS

The FIRS Chairman said 90 per cent of the amount was collected by the FIRS, while the remaining 10 per cent was recovered by the states.

Fowler, however, said the exact amount of entering the treasury might remain unknown even after June 30 expiry date, but until after three years.

He expressed optimism that the scheme would still record more payments before the expiration day, saying since people generally don’t like to pay tax, most of them would wait until the last minute before rushing to tax offices to file their returns.

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations