Adeosun Leads VAIDS Team To Enugu State Govt
The government of Enugu state will this week Thursday host officials of the Voluntary Assets and Income Declaration Scheme (VAIDS), business leaders and traditional rulers. The VAIDS team will be led by Mrs. Kemi Adeosun, Minister of Finance, whose ministry conceived VAIDS as a solution to the country’s defective tax system. The VAIDS team will be received by Enugu State governor, Mr. Ifeanyi Ugwuanyi, and members of the state Executive Council. The event will hold at Base Event Centre, Enugu. VAIDS, which began last July is a tax amnesty programme that provides a time-limited opportunity for tax defaulters to truthfully declare their assets and incomes and spread payment of taxes owed on previously undeclared income and assets over a maximum three-year period. VAIDS also provides that those who declarers voluntarily will be free of penalties and interests on owed taxes, tax audits and escape prosecution. It also states that non-declaration at the expiration of the window on 31 March will invite prosecution, which the federal government has repeatedly said it is willing to carry out. An estimated sum of $1billion is expected to be raised in taxes from the implementation of VAIDS. The scheme is also targeted at raising Nigeria’s Tax-to-GDP ratio from the meagre six per cent to 15 per cent by 2020. This is expected to happen by bringing many taxpayers into the tax net. Already, the VAIDS office has received financial and transaction data of over five million Nigerians, including corporate entities. The data, obtained from a variety of sources, are being analyzed to yield an accurate picture of tax compliance.