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| Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler |
The Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, yesterday said the Voluntary Assets and Income Declaration Scheme (VAIDS), has generated N16.9 billion into the coffers of the Federal Government.
Speaking at an interactive session for review of 2018โ2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) in Abuja, he said the agency recorded 79.35 per cent (N3.233 trillion) of its 2017 target within 10 months, adding that the FIRS already had strategies for achieving its objectives in the 2018 budget.
The programme was organised by the House of Representatives Committee on Finance and Appropriations.
He also said the FIRS justification for 2018-2020 revenue frameworks was based on the Federal Governmentโs Economic Recovery and Growth Plan.
Fowler said the tax assessment carried out between 2013 and 2015 showed that N1 trillion was raised and that the collection from tax audit exercise stood at N36.59 billion.
According to him, this exercise has yielded N3.7 billion to government coffers and is an indication that FIRS would meet the assumptions in the 2018-2020 MTEF.
He said the new modalities structured for optimal access of receivable dues from the scheme had yielded over $54 million (N16.73 billion) and N207.41 million, totalling about N16.93 billion at the federal level only.
Fowler said: โWe have stepped up enforcement activities against task defaulters on different fronts; these include placing non-compliance stickers on business premises of taxpayers with outstanding amounts but made no move to liquidate it.
โWe also adopted substitution as enforcement tool by putting a lien on the bank account of errand taxpayers.
โThis in my view will serve as a deterrent to defaulters and consequently increase tax collection.โ
VAIDS, which gives tax defaulters a window to regularise payments, will close in March next year.
In a statement released at the weekend, Finance Minister, Mrs. Kemi Adeosun, said 500 letters will be sent to defaulters and thousands more will get such letters.
