Nigeria Rakes In N30b From RAIDS
The Chairman, Federal Inland Revenue Service (FIRS), Babatunde Fowler/pulse.ng

The Federal Inland Revenue Service (FIRS) has said that the country made about N30 billion from the Voluntary Assets and Income Declaration Scheme (VAIDS).

Chairman of the FIRS Tunde Fowler said this on Wednesday in Abuja at the presentation of VAIDS certificate of declaration to chairmen of states’ tax revenue authority.

According to Fowler, the VAIDS windfall was made possible by FIRS which was “responsible for the collection of 90 per cent of the amount, while the states were responsible for the 10 per cent collection balance.”

He added that, “Looking beyond the financial returns of the scheme, the impact it has had in promoting voluntary compliance is unquantifiable.

“One of the outcomes of the scheme, whether directly or indirectly is the growth of the national tax payer database from under 14 million pre 2016 number to over 19 million in 2018, and we are confident that these numbers will translate into a positive growth in the country tax revenue to GDP ratio when the official percentage for 2017 have been released.”

Fowler further explained that the VAIDS tax certificate issued to states is not same with tax clearance certificate, stressing that one can’t replace the other.