ABUJA – Mr Babatunde Fowler, Executive Chairman, Federal Inland Revenue Service, FIRS, has said that the recently introduced tax initiative, the Voluntary Assets and Income Declaration Scheme, VAIDS is not a political tool against any group or party. He disclosed this at a media workshop on VAIDS in Abuja on Thursday.
NEWSDIARYONLINE reports that Fowler made the remark in reaction to a question over insinuations that VAIDS may have been introduced to target political opponents, the same way anti corruption agency, the Economic and Financial Crimes Commission, EFCC is being perceived of late.
While debunking the insinuation, the FIRS boss said the latest tax drive, VAIDS was borne out of necessity. “It has nothing to do with do with politics,” Fowler said.
VAIDS is a tax drive which encourages individuals and companies to voluntarily declare their assets and income within a nine-month period .Those who take advantage of the initiative will enjoy amnesty from prosecution, officials said.
Fowler noted earlier in his remarks at the workshop that the tax to GDP ratio in Nigeria is one of the lowest in the world. He cautioned that no matter which government is in power, without proper funding, the regime’s mission statement or vision will remain a dream.
Speaking at the event, Mr. Albert Folorunsho, managing consultant, Pedabo Associates Limited, and a member of the Presidential Committee on VAIDS, reiterated the fact that the initiative is an amnesty programme meant to generate immediate income, among other gains. It encourages people to come out voluntarily to declare their assets within the 9-month period.
Addressing the experiences from other countries, Mr Gabriel Olajide Ogunjemilusi, deputy director Tax Policy and Advisory Department, FIRS stated that Indonesia holds the record of the current best performing tax amnesty programme. A total of $10.12billion was raked in by Indonesia , he said.
The on-going tax initiatives in Nigeria are also deploying technology for effective data and financial intelligence, said Mr Efe Omorodion, ICT projects manager, FIRS. VAIDS will rely on business intelligence to verify submissions, he added. Omorodion advised, like other speakers, that it is highly imperative, for those turning up voluntarily, to make honest declarations on their assets and income during the amnesty programme.
