FG To Generate Over $1bn Through VAIDS - Adeosun

 FG To Generate Over $1bn Through VAIDS - Adeosun

The Nigerian Government will generate over $1 billion through the recently-launched Voluntary Assets and Income Declaration Scheme (VAIDS).

The country’s Ministry of Finance made this known on Thursday.

VAIDS, launched in June by acting President Yemi Osinbajo, is a time-limited opportunity for taxpayers to regularize their tax status relating to previous tax periods and pay any taxes due.

Finance Minister, Kemi Adeosun, speaking at a sensitisation workshop on the scheme organised by PricewaterhouseCoopers (PWC) in Lagos said, ”we have set a preliminary target of about $1billion from the scheme and we think we might get more”.

The right incentive is to get people to pay the right taxes continuously. What is important is getting people into the tax net and paying the right taxes.

The majority of the people that are paying tax at the moment are those that are on Pay As You Earn (PAYE) platform, but the ones who seem to be evading taxes are those who own their businesses and this is unfair as everyone needs to pay his tax according to their level of income. That is how progressive taxes work in the world.

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