Fed Govt Generates Over N70bn From VAIDS

FEDERAL Government’s data mining activities on taxpayers has shown that over N70 billion was realised from the now ended Voluntary Assets and Income Declaration Scheme (VAIDS) programme.

Minister of Finance, Budget and National Planning Mrs. Zainab Ahmed made this disclosure on Thursday while inaugurating the board of the Federal Inland Revenue Service (FIRS).

According to Zainab Ahmed, “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.

In this regard, the minister noted that “Project Lighthouse continues to illuminate the grey areas where non-compliant taxpayers reside’’.

She also revealed that since the inauguration of the Tax Appeal Tribunals (TATs), nationwide, the TATs have resolved over 67 appeals with a disputed tax value of over N328.8 billion and USD6.6 billion.

Furthermore, the TATs, she said: “have identified new cases, so they’ve reported 78 new TAT appeals with a disputed value of N73.3 billion and USD19.5 million.”