Dipo Olowookere
By Dipo Olowookere
About N17 billion has been realised so far from the tax amnesty programme, the Voluntary Assets and Income Declaration Scheme (VAIDS), put in place by the administration of President Muhammadu Buhari.
This information was made known on Wednesday by the Executive Chairman of Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, at a media workshop in Lagos.
The tax chief also said that government was expecting another N6 billion from an organisation that has agreed to come under the scheme.
“So far, in terms of collection from the corporate side, we have received about N17 billion. We currently have an organization that has agreed to come under VAIDS and will pay N6 billion.
“Some of the corporations are undergoing audit. If they still want to apply under VAIDS, the 10 percent penalty will be waived,” Mr Fowler said.
The VAIDS initiative was launched by the Vice President, Mr Yemi Osinbajo, on June 29, 2017, while he was then the Acting President.
It is a scheme, which kicked off on July 1, 2017, set aside by the government to allow companies and individuals to be properly taxed without penalty. The window is expected to be closed in March 2018, when tax defaulters would now be punished.
During yesterday’s programme, Mr Fowler expressed satisfaction with the level of compliance, attributing the rising inflow to many organizations, which have embraced the scheme.
Commenting on the corporations presently undergoing audit, the tax chief said if they still want to apply under VAIDS, the 10 percent penalty will be waived.
However, he noted that after the audit has been completed and the report shows that the companies have not properly declared assets and income, they will not be able to utilize the VAIDS.
“Our aim is not to kill businesses but to keep them going. If a business is at the verge of bankruptcy and got a loan to revive the business, we will just collect the current taxes and give the business enough time to pay in instalments,” Mr Fowler said.
He said with respect to payments, individuals can engage consultants, state agencies or FIRS for advisory.
