- Â National tax day underway
By Ndubuisi Francis in Abuja
The federal government disclosedÂ on WednesdayÂ that proceeds from the tax amnesty–Voluntary Assets and Income Declaration Scheme ( VAIDS) rallied to about N30 billion, less than three weeks to the end of the programme.
The Chairman, Federal Inland Revenue Service ( FIRS), Mr. Tunde Fowler, also confirmed that a greater impact of the scheme was the five million addition to the tax data base from 14 million to 19 million.
On expiration of the initial nine months windowÂ March 31, VAIDS was granted a three-month extension by President Muhammadu Buhari withÂ June 30, 2018Â as the new deadline.
Speaking in Abuja while declaring open the presentation of VAIDS certificates of declaration to chairmen of states’ tax revenue authorities, Fowler said the N30 billion raked in so far came from both individual and corporate establishments.
Giving further insight, he stated that while the FIRS was responsible for the collection of 90 per cent of the sum, the states accounted for 10 per cent collection.
Fowler told members of the Joint Tax Board (JTB) that the beauty of VAIDS transcended financial gains but rather its potential of expanding the tax net.
According to him, some states had achieved significant progress in the VAIDS compliance, adding that this informed the invitation of the executive chairmen of revenue authorities of such states.
“VAIDS goes beyond just taking advantage of immediate gains. In recent time, the incidence of illicit financial flows, aggressive tax avoidance and outright tax evasion have come into the front burner.
“The international community, recognising the need to present a united front against this trend, which is a limiting factor in the quest towards exploiting the inherent potential of tax as a viable alternative to sustainable revenue generation, especially for developing and emerging economies, has designed and is implementing a number of initiatives that will leave no hiding place for the tax evader.”
“As part of activities lined up to ensure increased awareness on the scheme in particular and tax compliance in general, staff of JTB secretariat in collaboration with the Federal Ministry of Finance will take part in every taxÂ ThursdayÂ sensitisation exercises in the states until the end of the scheme commencing fromÂ 14th June, 2018.
Fowler stated that VAIDS tax certificates presented to statesÂ was not the same with tax clearance certificate, adding that one cannot replace the other.