The Minister of Finance, Kemi Adeosun, will lead a team of tax officials to Enugu State on Thursday as the Federal Government steps up the Voluntary Assets and Income Declaration Scheme campaign across the country.
Adeosun and her team are expected to be received by the Enugu State Governor, Mr. Ifeanyi Ugwuanyi, and members of the state’s executive council.
The event, which will have business leaders and traditional rulers in attendance, will be held at the Base Event Centre, Enugu, according to a statement.
Voluntary Assets and Income Declaration Scheme (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 tax amnesty window on March 31 will invite prosecution, which the Federal Government has repeatedly said it was willing to carry out.
An estimated sum of $1bn is expected to be raised in taxes from the implementation of VAIDS.
The scheme is also targeted at raising Nigeria’s Tax-to-GDP ratio from the meagre six per cent to 15 per cent by 2020.
This is expected to happen by bringing many tax payers 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 analysed to yield an accurate picture of tax compliance.