The Federal Government will rake in an additional N6billion from the implementation of the Voluntary Assets and Income Declaration Scheme (VAIDS) before the end of the year.
The sum is in addition to the N17billion already yielded by the scheme within six months.
This was disclosed in Lagos yesterday by Mr. Babatunde Fowler, Executive Chairman, Federal Inland Revenue Service (FIRS) at a media workshop on VAIDS. According to Fowler, the scheme has generated enthusiasm among taxpayers, many of whom are coming forward to declare previously undeclared incomes.
Fowler stated that VAIDS is necessary at this time in the nation’s evolution, particularly with shrinking oil revenues. At the workshop, experts presented papers on the role of data in the implementation of VAIDS, similar tax amnesty programmes in other countries as well as how VAIDS works and its benefits.