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Nigeria’s Voluntary Assets and Income Declaration Scheme, VAIDS, has yielded about $110m from two companies who have taken advantage of the opportunity offered by the scheme to declare their assets and taxable income.
The Nigerian government is also targetting over one billion dollars from the scheme, which offers a grace period from July 1, 2017 to March 31, 2018, for Nigerians to voluntarily declare and pay their tax.
Minister of Finance, Kemi Adeosun, stated this while briefing State House correspondents after Wednesday’s meeting of the Federal Executive Council presided over by Vice President Yemi Osinbajo.
Cross Section of Ministers during Federal Executive Council Meeting at the Presidential Villa in Abuja on Wednesday
Adeosun said that the tax amnesty has been “very well received” and that her office has “started getting declarations from companies who are looking to regularize their tax status.” Adeosun said that the first batch of 500 letters has been sent to Nigerians, inviting them to declare their assets and incomes.
She said the recipients of the letters have started responding and asking for time to pay.
“This is indeed very good news for Nigeria as it will help reduce over reliance on oil,” Adeosun said, adding that “it will improve our tax revenue so that whether oil prices are high or low, we will be able to provide basic services for our people.”
According to her, the Bank Verification Number, BVN, and the Corporate Affairs Commission, CAC, provided information used to send the 500 letters.
“We also looked at people who had come out in the Panama and Paradise papers; we look at people who have companies being paid by the government but are not paying the right taxes,” she said.
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