VAIDS: FIRS to clampdown on prominent Nigerians after March 31 amnesty deadline

Since the Federal Government began the Voluntary Assets and Income Declaration Scheme, (VAIDS) on July 1, 2017, conscious efforts have been made by the Federal Ministry of finance and the Federal Inland Revenue Service (FIRS) to afford tax defaulter an opportunity to regularize their status.

But according to the FIRS chairman, Mr. Babatunde Fowler, no prominent Nigerian will be spared after the March 31 deadline.

Fowler, who gave the hint over the weekend, revealed that there has been no clear directive by either President Muhammadu Buhari, who nominated him as the FIRS chairman, or Vice-President Yemi Osinbajo, heading the Federal Government’s Economic Management Team, instructing him to stay off tax-owing influential Nigerians.

The tax master further urged prominent Nigerians with political, social or economic prominence to take advantage of VAIDS or face strict sanctions for non-declaration, stressing that VAIDS offers all categories of tax debtors the opportunity to evade payment of penalties and interests on owed taxes, tax audit and prosecution.

In similar vein, The Minister of Finance, Mrs. Kemi Adeosun, hinted that tax compliance will help shore up Nigeria’s economy and the Government is trying to bridge the low level compliance of tax remittance by providing the amnesty programme.

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Adeosun, in a statement by her Media Adviser, Mr. Oluyinka Akintunde, revealed that only 14 million taxpayers are free, out of the 70 million Nigerians who are economically active.

“Payment of taxes is a fundamental requirement for our growth story. Nigeria has a very poor scorecard in tax payment. When oil came, we abandoned the old systems of tax collection that provided most of our infrastructure since the colonial days.

“Currently, we have just 14 million taxpayers out of 70 million who are economically active. So, many people who should be paying are not paying anything. It is the development of taxes that will help the states and the Federal Government to achieve their true potential”.

She advised taxpayers to take advantage of the tax amnesty opportunity to regularise their tax profiles, adding that defaulters would be subjected to investigation as well as made to face criminal prosecution.

The VAIDS, which was inaugurated on July 1, 2017, offers an opportunity for taxpayers to voluntarily and truthfully declare their assets and incomes before the March 31 deadline.

The scheme covers all federal and state taxes such as Companies Income Tax, Personal Income Tax, Petroleum Profits Tax, Capital Gains Tax, Stamp Duties, Tertiary Education Tax, Technology Tax, tenement rates and property taxes.

It also covers all back taxes for the last six years in line with the statutory periods of limitation under the relevant tax statutes.

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