The Joint Tax Board (JTB) through the initiative of the Federal Ministry of Finance has organized a training program for South- South officials of the Federal Inland Revenue Service (FIRS) and States Internal Revenue Services on the “Voluntary Assets and Income Declaration Scheme” (VAIDS) which runs from January to March 31, 2018, with the objective of giving a tax window to non compliant taxpayers to regularize their tax position.
VAIDS is a type of voluntary disclosure program, which is a one time program, with the objective of giving a window to non compliant taxpayers to regularize their tax position, in form of registration, returns and remittance.
According to the training program, the VAIDS scheme gives a once in a lifetime opportunity to taxpayers to fully and honestly declare all their assets and incomes from all sources which had previously not been exposed to the tax authorities and to pay the tax due on those assets and incomes.
The Executive Secretary, JTB, Chief Oseni Elamah speaking with the Nigerian Observer Newspaper stated that as an iconic state noted for it’s internal generated revenue (IGR), which can be used as a reference point, Edo state via Benin City has been adopted by the JTB as the regional headquarters for the South- south, for all JTB activities.
The VAIDS facilitator and tax consultant, (Pedabo,) Albert Folorunsho stated that the scheme will be supported by the asset tracing team(ATT), a recently established unit within the Ministry of Finance which will cover Federal, State and Local government taxes such as companies income tax, personal income tax, petroleum profits tax, capital gains tax, stamp duties and tertiary education tax.
The scheme he said, would cover all back taxes for the last six years in line with the statutory periods of limitation under the relevant tax statutes for which the expected tax declarations are hoped to be disclosed faithfully, honestly, correctly and as far back as possible.
The tax consultant noted that against the prevailing backdrop of keeping with the truth, government had the prerogative of mining accurate information through its monitoring platforms using the bank verification number (BVN), national identity management commission (NIMC), customs, immigration, corporate affairs, land registry and licencing offices.
Mr. Folorunsho urged persons who have not been fully declaring their assets and incomes; those who have not been paying their taxes at all; persons underpaying or under remitting their taxes; new taxpayers who are yet to register their tax authorities and existing taxpayers who have new disclosures to make, to key into the VAIDS amnesty scheme before it expires. Failure to comply he stated, would lead to tax evasion issues.
A participant from Akwa Ibom Internal Revenue Service (AKIRS), Aniekan Edet, said the seminar would impact on their style of work and increasing the revenue base of his home state aside boost the moral of participants on pattern of carrying out their job and general perspectives.
The seminar/ training program drew participants from the five South- south states of Bayelsa, Akwa-Ibom, Cross Rivers, Delta and Edo states including officials of FIRS.
