Nigeria Raked In N34.67 Billion From VAIDS In One Year - Buhari
President Muhammadu Buhari

President Muhammadu Buhari has revealed that the federal government received about N34.67 billion in one year through the Voluntary Assets and Income Declaration Scheme (VAIDS).

Concise News learned that the Nigerian leader disclosed this Thursday at the 21st annual conference of the Chartered Institute of Taxation of Nigeria (CITN).

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Represented by the Permanent Secretary, Ministry of Finance, Mahmood Isa-Dutse, Buhari said with the introduction of tax amnesty regime under VAIDS, 5,122 applications were received within 12 months with N92.62 billion tax liability.

He explained that full payment came from about 1,006 applications, 1,613 had outstanding payment to make and about 2,503 applications did not provide adequate information on their tax status.

“In all, 16,906 assets were declared under VAIDs, of which 3,317 are immovable assets, 13,771 are movable assets, while 205 represented intangible assets and investments.”Expressing concern over the abysmal level of tax to the Gross Domestic Product (GDP) at nine per cent, he reiterated government’s stance in setting an aggressive tax target for the country,” he said.

“As part of our drive to increase non-oil revenue, we have set an aggressive target for increasing tax collection. We will therefore develop a framework that mobilises revenue from the non-oil sector.”

But Buhari mentioned that government was aware of the challenges in achieving voluntary tax compliance.

“We will ensure that every kobo is accounted for,” he added.