FG Recovers N30b From Tax-Amnesty Scheme

Executive Chairman, Federal Inland Revenue Service, Mr. Babatunde Fowler

 

The federal government has recovered N30 billion million under an amnesty program for tax defaulters, according to the finance ministry.

The money was collected from individuals and companies under the Voluntary Assets and Income Declaration Scheme (VAIDS), the finance ministry said Wednesday in a statement. Those that participated will receive certificates showing they have complied, it said.

The Executive Chairman, Federal Inland Revenue Service, Mr. Babatunde Fowler, gave the figure on Wednesday during the official presentation of the VAIDS certificates of declaration to chairmen of states’ tax revenue agencies.

The VAIDS offers a grace period from July 1, 2017 to June 30, 2018 for tax defaulters to voluntarily pay back to the government what they owe.

In exchange for full and honest declaration, the government promised to waive penalties that should have been levied and also the interest that should have been paid on overdue taxes.

Also, those who declare their tax obligations honestly will not be subjected to any investigation or tax audit after the 11-month grace period.

Fowler said with less than three weeks to the expiration of the tax amnesty, the sum of N30 billion had been realised from corporate and individual taxpayers who had so far taken advantage of the scheme.

He also stated that through the implementation of the scheme, the FIRS had been able to increase the number of taxpayers from 14 million to 19 million.

He added that while the FIRS was responsible for the collection of 90 per cent of the amount, the states accounted for the balance.

Fowler said, “As at date, the scheme has recovered nearly N30 billion, both from individuals and corporate establishments. While the FIRS has collected about 90 per cent of this figure, the states have been responsible for collecting 10 per cent.

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