THE Federal Government netted a total N23 billion from Voluntary Assets and Income Declaration Scheme (VAIDS) as at the end of 2017 according to data obtained from Federal Inland Revenue Service (FIRS). However, the agency said in a statement on Monday that government expects much more revenue from the scheme in 2018. Mrs Kemi Adeosun, Minister for Finance, in December, said the many individuals and corporate organizations with undeclared taxes have been approaching tax authorities and expressing interest in declaring and paying up their taxes. State governments and the authority of the Federal Capital Territory have also shown support for the scheme by volunteering to provide transaction data necessary to identify defaulters. Such data are currently being matched with those obtained from the FIRS, Corporate Affairs Commission (CAC) and Government Integrated Financial and Management Information Systems (GIFMIS) to determine companies that have not been paying taxes.

Source: Nigerian Tribune January 15, 2018 17:48 UTC