The government of Enugu State will, on Thursday, host officials of the Voluntary Assets and Income Declaration Scheme (VAIDS), business leaders and traditional rulers.
The VAIDS team will be led by Mrs. Kemi Adeosun, Minister of Finance, whose ministry conceived VAIDS as a solution to the country ‘s defective tax system.
The VAIDS team will be received by Enugu State governor, Mr. Ifeanyi Ugwuanyi, and members of the state Executive Council. The event will hold at Base Event Centre, Enugu.
VAIDS, which began last July,is a tax amnesty programme that provides a time-limited opportunity for tax defaulters to truthfully declare their assets and incomes and spread payment of taxes owed on previously undeclared income and assets over a maximum three-year period.
VAIDS also provides that voluntary declarers will be free of penalties and interests on owed taxes, tax audits and escape prosecution.
Non-declaration at the expiration of the window on 31 March will invite prosecution, which the Federal Government has repeatedly said it willing to carry out.
An estimated sum of $1billion is expected to raised in taxes from the implementation of VAIDS. The scheme is also targeted at raising Nigeria’s Tax -to-GDP ratio from the meagre 6% to 15 % by 2020.
This is expected to happen by bringing many taxpayers into the tax net.
Already, the VAIDS office has received financial and transaction data of over five million Nigerians, including corporate entities. The data, obtained from a variety of sources, are being analyzed to yield an accurate picture of tax compliance.