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Tag: VAIDS

  • VAIDS collects data on 5m Nigerians

    The Value Assets and Income Declaration Scheme (VAIDS) has collected data of over five million corporate organisations and individuals. This was disclosed in a statement issued by the VAIDS office in the Federal Ministry of Finance.

    According to the statement, data collected will be subjected to further analysis to ensure that all unpaid taxes are tracked and collected. The VAIDS office also disclosed that the second phase of its data mining initiative, which starts this month, is aimed at obtaining data from all other government revenue-generating agencies such as the Federal Inland Revenue Service (FIRS), Nigerian National Petroleum Corporation (NNPC), Central Bank of Nigeria (CBN), Federal Airports Authority of Nigeria (FAAN), Federal Housing Authority (FHA).

  • FIRS rakes in $50m through VAIDS

    FIRS rakes in $50m through VAIDS

    More Nigerians are voluntarily coming out to pay taxes  –  thanks to the Voluntary Assets and Income Declaration Scheme (VAIDS). The scheme has fetched $50 million, Federal Inland Revenue Service (FIRS) Chairman Babatune Fowler has said.

    VIADS was introduced in July  as an initiative designed to encourage voluntary disclosure of undisclosed assets and income for the payment of outstanding taxes.

    A nine-month grace was granted all tax defaulters to pay up.

    The scheme is being implemented by the FIRS in collaboration with all the 36 State Internal Revenue Services and the FCT IRS.

    The scheme allows the government to gather intelligence locally and through various international conventions and multilateral agreements to obtain information required for prosecution of defaulting taxpayers or those who make false declarations.

    An international forensic and asset tracing company has been engaged to support the process.

    Speaking at the Nigeria Governors’ Forum (NGFS) annual IGR Peer Learning Event, the FIRS chief said barely four months after its introduction, VAIDS has increased Nigeria’s  earnings by $50 million.

    At the event, which is part of the forum’s strategic mandate to improve fiscal governance at the subnational level were  all Commissioners for Finance of the 36 states and chairmen of states’ Boards of Internal Revenue.

    “I am glad to note that  a lot of enquires have been made both at the states and federal levels. At the federal level, over $50 million has been realised through this scheme,” Fowler said, urging the public to support the tax authorities  and revenue agencies.

    The FIRS chair expressed hope that the  database of tax payers  would be completed, stating that from next year, defaulters may not enjoy government services.

    “ I will like to inform everyone here that the consolidation of our tax database is now being  completed. This means that before the end of  2017, wherever you are, as long as you are a tax administrator, you hit the button and know the tax status of any individual and organisations, regardless of where they are located.

    “There  will also be a  time when we ask other revenue agencies, such as Customs and Immigration, that their services should be offered to only tax inclined corporations and individuals,” he said.

    “We highlighted sometime last year that before you get service from any of these organisations, be it Immigration for your passport renewal,  issuance, you have to show evidence of your tax payment. I am glad to report that by the end of this year we will be in the position to confirm the tax status of individuals and corporate organisations and those that are in default will not be allowed to benefit from government services.”

    Fowler also noted that the Memorandum of Understanding (MOU) signed between the FIRS and various state revenue bodies was making progress.

    “I am glad to note that the governors and commissioners of finance have agreed in principle to update as all states have been signed on, we hope from this month on, all states will be complaint with remittance of VAT and holding tax  as at when due.

    “This will not only increase IGR at the state level but will also increase IGR at the federal level. It also  note that the VAT collected, 25% goes back to the states,” Fowler said.

    NGF Director-General Asishana Okauru said 23 states recorded growth in IGR, despite the recession in 2016.

    He said “Overall growth in IGR was 20 percent from N687 billion in 2915 to N821 billion in 2016 – far up from a three percent contraction recorded previously. We have an opportunity to strengthen the reform environment, by replicating these reforms across other states. At the Nigeria Governors’ Forum Secretariat, we have resolved to play a more active role in this process. Through our Help Desk Programme, we can provide technical assistance to states; and in the coming year, we plan to expand our support to other areas in public financial management.”

    The NGF has also entered into partnership with Department for International Development’s PERl Programme, the World Bank and the Bill and Melinda Gates Foundation, as parr of the efforts to bring reforms to states.

     

  • VAIDS begins collection of Nigerians’ income, assets data

    THE Voluntary Assets and Income Declaration Scheme (VAIDS) has begun the collection of data on the income and assets of high net-worth individuals and companies.

    Federal Ministry of Finance said this in a statement issued by the VAIDS office.

    According to the statement, useful data of payments and receipts, which were in excess of N100 million between 2010 and 2015, were collected from the Nigerian Customs Service. Similarly, data on beneficiaries of payments in excess of N100 million has been received from the Assets Management Corporation of Nigeria (AMCON).

    Over the next few weeks, a lot of data is expected to be mined from the Federal Inland Revenue Service (FIRS), State Lands Departments (SIRS), Corporate Affairs Commission (CAC), Securities and Exchange Commission (SEC), National Identity Management Commission (NIMC) and land registries.

    Other sources from which data will be derived are banks, instruments such as treasury bills, Nigerian Inter-Bank Settlement System (NIBSS), Integrated Payroll and Personnel Information System (IPPIS), Nigerian Civil Aviation Authority (NCAA) and payment platforms such as Remitta.

    The ministry said the move was the first step to collect intelligence on corporate entities  and individuals, who may refuse to take advantage of VAIDS.

    “The data being collected is on individual and corporate firms as well as fixed assets and income over the last five years both within and outside Nigeria. Data collected will be profiled against tax payments made by such individuals and corporate entities,” the statement said.

     

     

     

     

     

  • VAIDS deploys 700 tax liaison officers to states

    The Voluntary Assets and Income Declaration Scheme (VAIDS) has deployed over 700 graduates as Community Tax Liaison Officers (CTLOs) to nine states of the federation and the Federal Capital Territory (FCT).

    The CTLOs have been handed the responsibility of creating awareness about the VAIDS scheme and taxation in general.  A statement by the VAIDS office said the CTLOs, posted to their various states of origin, will carry out the assignment in Lagos, Ogun, Enugu, Edo, Cross River, Delta, Oyo, Kaduna and Nassarawa states as well as the Federal Capital Territory.   They were deployed after undergoing an intensive week-long training on taxation and customer service in Abuja.

    The statement added that more CTLOs will, over the coming weeks, be deployed to Kwara, Niger and Adamawa states, and other states to follow.

    The scheme is expected to create a total of 7,500 opportunities for Nigerians as CTLOs through the N-Power scheme of the Federal Government

    “The (CTLOs) will be on the streets, markets, malls public places and visit offices,” the statement said.

    The VAIDS scheme, a tax amnesty initiative of the Federal Ministry of Finance in collaboration with state revenue agencies, was launched on June 29 via an Executive Order signed by Vice President Yemi Osinbajo. It was conceived to provide solutions to almost every defect of the nation’s tax system, including the tepid attitude to taxation.

    VAIDS is specifically targeted at taxpayers, who have failed to fully declare their taxable income and assets or have not been paying the tax due.

     

     

     

  • VAIDS is last chance for tax offenders, says LIRS

    VAIDS is last chance for tax offenders, says LIRS

    Lagos Inland Revenue Service (LIRS) Executive Chairman Mr. Ayodele Zubair has described the Voluntary Assets and Income Declaration Scheme (VAIDS) as the last opportunity for tax offenders to redeem themselves.

    Speaking yesterday on the sidelines of the International Conference of African Tax Administrations Forum (ATAF) holding in Abuja, Zubair said the scheme could not have been introduced at a better time.

    “VAIDS is a very good initiative undertaken by the present administration and headed by Minister of Finance Mrs. Kemi Adeosun.

    “The whole idea is to bring a lot of Nigerians into the tax net and, by so doing, increase the tax base and the culture of paying taxes in Nigeria,” he explained.

    He urged those with previously undeclared taxes and assets to voluntarily and truthfully declare such, as they will be absolved of all the income and penalties.

    Acknowledging the existence of mixed feelings about the scheme, Zubair advised that it was in the interest of tax offenders to embrace the scheme because it affords them the last opportunity to escape heavy sanctions.

    “Government is going the whole hog at the end of the amnesty programme and all the people who have not voluntarily and truthfully disclosed all their untaxed incomes will surely face prosecution,” he warned.

    He added that government, at the federal and state levels, are committed to the success of VAIDS, warning offenders that there is a lot of information being shared locally and internationally on property ownership and other items.

    “A lot of data mining is going on. A lot of data is being mined on a daily basis, both locally and internationally, on property ownership and the likes. So, people who do not take advantage of this programme will certainly have themselves to blame in the future because the government has the will to prosecute all tax offenders and will do so,” he said.

    When asked if Nigerians are ready for voluntary assets declaration, Mr. Zubair said a lot of people have started showing interest and trust in the scheme, which offers confidentiality and expressed belief that the sincerity of the government will arouse greater confidence in the scheme among Nigerians.

    “All over the world, no one wants to pay taxes except they are forced to. But we are currently very positive about the success of the VAIDS programme. We have received a lot of feelers. It has generated a lot of enquiries. People are coming to us and want to know about the programme. They are willing to trust the system in terms of the confidentiality promised,” he said.

  • Gombe launches VAIDS, targets N1b IGR

    The Gombe State Board of Internal Revenue (GSBIR) is confident it will hit the one billion naira monthly revenue collection mark before the year runs out.

    This will be made possible due to the reforms being put in place by the state government to augment the revenue accruing from the federation accounts.

    The Executive Chairman of the Board, Muhammad Adamu Damji, spoke briefly in Gombe on Thursday after the state launched the Voluntary Income and Assets Declaration Scheme (VAIDS) in collaboration with the Federal Inland Revenue Service (FIRS) in Gombe metropolis.

    “There’s nothing new that we did really, we only blocked the leakages and loopholes in the collection system.

    “Before embarking on the reforms, the board was collecting between 50 million and 150 million naira monthly. But since the reforms started, we have been collecting between 200 million and 500 million naira monthly.

    “Before the end of this year, we are looking to collect between 500 million and one billion naira monthly, In sha Allah!” Damji said.

    He explained that the  VAIDS was a window of opportunity meant for individuals and groups that have hitherto evaded or dodged tax payment in Gombe State to regularise their tax status and avoid the consequences of their actions.

    He said VAIDS was first launched by Acting President, Yemi Osinbanjo, on June 29, where every Thursday was set aside as ‘Tax Thursday’ for all tax authorities at all levels to carry out awareness campaign activities.

    VAIDS is expected to last from July 1, 2017 to March 30, 2018, within which defaulters over a period of six years can regularise their status without penalty.

  • FG to publish ‘non-repentant’ tax defaulters’ list

    FG to publish ‘non-repentant’ tax defaulters’ list

    Acting President Yemi Osinbajo warned on Thursday that the list of tax defaulters in the country who failed to repent by March 31, 2018 would be published.

    He gave the warning during the launch of Voluntary Assets and Income Declaration Scheme (VAIDS) at the old Banquet Hall of the State House, Abuja.

    Disclosing that VAIDS will be operated from July 1, 2017 to March 31, 2018 to give opportunity to tax defaulters to regularise their tax affairs, Osinbajo also signed executive order to support the scheme.

    Those who have diverted Nigeria’s legitimate tax revenues abroad or concealed them at home, he said, should face the full force of the law.

    The acting President said only 214 Nigerians located in Lagos State are paying taxes of N20 million and above annually.

    He also said that about 914 Nigerians, all located in Lagos State except two in Ogun State, pay taxes of N10 million and above annually.

    Osinbajo said government is committed to tax revenue accountability, adding that tax revenues would be a driver of real lasting progress in the country.

    He said: “The issue of accountability in tax revenue is one that this government is fully ready and able to address. In our war on waste and inefficiency at all levels we have positioned ourselves to ensure that tax revenues will be a driver of real lasting progress.

    “Based on information on tax evasion that is now available, our personal preference is that those who have diverted Nigeria’s legitimate tax revenues abroad or concealed them at home, should taste the full force of the law. However, the extent of noncompliance coupled with the urgent need to revive the economy has persuaded all of our policy makers that we adopt the pragmatic approach of declaring a time limited programme of the VAIDS.

    “VAIDS will be operated from July 1, 2017 to March 31, 2018. It will be supported by an executive order that I will sign into law today. VAIDS will offer a once in a lifetime opportunity to those in default to regularise their tax affairs.

    “This is an offer in the spirit of national reconciliation and rebuilding and must be taken as such. In addition because we understand that those some tax payers may have challenges raising tax, we have built in a system that will allow those owing to pay over a period of time subject to conditions.

    “Upon expiry of the scheme we will consider those who have failed to take advantage of this offer or who have declared falsely, to be wilful tax defaulters and economic saboteurs.

    “We will then proceed with aggressive investigation with a view to criminal prosecution. We will also publish a tax defaulters list to name and shame those refusing to do the right thing.”