VAIDS: Lagos, Osun, Kaduna, FCT Move Against Tax Defaulters

The governments of Lagos, Osun and Kaduna states as well as the Federal Capital Territory administration have promised the Voluntary Assets and Income Declaration (VAIDS) office in the Federal Ministry of Finance to provide all transaction data required to identify tax defaulters at the expiration of the first phase of the tax amnesty programme in…”
Emmanuel
October 26, 2017 9:00 pm

The governments of Lagos, Osun and Kaduna states as well as the Federal Capital Territory administration have promised the Voluntary Assets and Income Declaration (VAIDS) office in the Federal Ministry of Finance to provide all transaction data required to identify tax defaulters at the expiration of the first phase of the tax amnesty programme in March 2018. This was disclosed in a statement issued by the VAIDS office.

According to the statement, the VAIDS office expects states that provide all the required information to experience sharp rises in their respective Internally Generated Revenue (IGR), as analyses of the obtained data will lead to considerable recovery of otherwise lost revenues.

Earlier this month, the VAIDS office disclosed that it has begun collection of data on the income and assets of high net-worth individuals and companies in Nigeria. Useful data of all payments and receipts over N100million, according to the VAIDS office, have been obtained from the Nigerian Customs Service.

Also, data on all beneficiaries of payments above N100million have been obtained from the Assets Management Corporation of Nigeria (AMCON), Federal Inland Revenue Service (FIRS) and the Nigeria Export-Import Bank, the Corporate Affairs Commission (CAC), Securities and Exchange Commission (SEC) National Identity Management Commission (NIMC) and land registries.  The VAIDS office is equally looking to derive more data from treasury bills, Nigerian Inter-Bank Settlement System (NIBSS), Integrated Payroll and Personnel Information System (IPPIS), Nigerian Civil Aviation Authority (NCAA) and payment platforms such as Remitta.
Source: Vanguard

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