- As Kaduna Hosts Stakeholders’ Forum March 1
BY EDMOND ODOK, ABUJA – The Federal and Kaduna State governments are collaborating to sensitize business leaders, business owners and tax payers on the Voluntary Assets and Income Declaration Scheme (VAIDS) as part of efforts to improve tax revenues for development purposes nationwide.
This is as the Minister of Finance, Mrs Kemi Adeosun maintains that the country’s drive at socio-economic growth and development on a sustainable basis will remain a dream if Nigerians fail to jettison their apathetic attitude towards steady tax payment.
Consequently, Governor Nasir el-Rufai and the Finance Minister, Mrs Adeosun are expected to lead discussions at the VAIDS Stakeholders’ Symposium that will be hosted by the Kaduna State Government on Thursday, March 1, 2018.
A statement by the Special Adviser on Media and Communications to the Minister of Finance, Oluyinka Akintunde said among those participating at the Forum are the Executive Chairman of Federal Inland Revenue Service (FIRS), Babatunde Fowler; members of the Kaduna State Executive Council; members of the Kaduna State House of Assembly; and traditional rulers.
Others expected to grace the sensitisation event include business groups; tax advisers; captains of industries; professional and artisan bodies; and relevant strategic economic groupings within Kaduna State and environs.
Ahead of the sensitization programme, the Finance Minister, Mrs Kemi Adeosun said regular tax payment by Nigerians remains fundamental to the nation’s socio-economic growth and development.
According to her, the Federal and State Governments can only plan effectively and invest more in infrastructure; job and wealth creation nationwide if there are predictable tax revenue inflows.
“Payment of taxes is a fundamental requirement for our growth story. Nigeria has a very poor scorecard in tax payment. When oil came, we abandoned the old systems of tax collection that provided most of our infrastructure since colonial days.
She said government is determined to bring on board millions of Nigerians that are currently economically active but not within the tax-paying net, noting that; “It is the development of taxes that will help the States and the Federal Government to achieve their true potentials.”
With the Federal Government maintaining that its March 31st, 2018 deadline remains sacrosanct, the Minister urged tax payers to embrace the tax amnesty opportunity to regularise their tax profiles, warning that tax defaulters risk investigations and criminal prosecution for tax offences.
Flagged-off on July 1, 2017, the VAIDS programme offers tax payers an opportunity to voluntarily and honestly declare their assets and incomes before the March 31st, 2018 deadline.
By its mandate, VAIDS covers all Federal and State taxes, such as Companies Income Tax (CIT), Personal Income Tax (PIT), Petroleum Profits Tax (PPT), Capital Gains Tax (CGT), Stamp Duties (SD), Tertiary Education Tax (TET), Technology Tax (TT), Tenement Rates (TR), and Property Taxes (PT).
It also embraces all back taxes for the last six years in line with the statutory periods of limitation under the relevant tax statutes.
