The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed that the Federal Government made use of the Voluntary Assets and Income Declaration Scheme (VAIDS) programme to raise over N70 billion from Nigerians.
The VAIDS programme was launched to encourage individuals and companies yet to declare their assets and taxes to come forward without prosecution from the tax administrator. This was a strategy deployed by the government to widen the tax bracket in the country.
speaking on the essence of VAIDS programme, Ahmed said, “data from the VAIDS Tax Amnesty programme has since generated over N70 billion in terms of tax revenue; in underpaid taxes and significantly increased the quantum of previously undeclared, but taxable assets.”
“Project Lighthouse continues to illuminate the grey areas where non-compliant taxpayers reside’’. She further explained that the inauguration of the Tax Appeal Tribunals (TATs) “have identified new cases, so they’ve reported 78 new TAT appeals with a disputed value of N73.3 billion and USD19.5 million.”
According to her, the TATs have resolved over 67 appeals with a disputed tax value of over N328.8 billion and USD6.6 billion.