Close Menu
Chronicle.ng
    Trending Stories
    World's richest man Elon Musk bought a 9.2% stake in Twitter

    Elon Musk creates new US political party

    July 6, 2025
    Colombian police have apprehended the alleged mastermind behind the assassination attempt on a presidential candidate during a rally last month.

    Police arrest key suspect in shooting of Colombia senator

    July 6, 2025
    Police rescue abducted Benue Links passengers

    Police arrest Osun imam for raping eight-year-old girl

    July 6, 2025
    Facebook X (Twitter) Instagram
    Trending
    • Elon Musk creates new US political party
    • Police arrest key suspect in shooting of Colombia senator
    • Police arrest Osun imam for raping eight-year-old girl
    • 2027: ‘Join ADC,’ PDP chieftain urges party members
    • David Mark major cause of PDP crisis – Bode George
    • Police bust human trafficking syndicate, rescue 40 Ghanaians in Ondo 
    • Adeleke not defecting to APC, Osun PDP declares
    • Tiwa Savage marks 12 years of debut album ‘Once Upon a Time’
    Facebook X (Twitter) Instagram
    Chronicle.ngChronicle.ng
    Subscribe
    Sunday, July 6
    • News
      • Nigeria News
      • World News
      • Headlines News
    • Politics
    • Business
    • Sport
    • Entertainment
    • Contact Us
    Chronicle.ng

    VAIDS Represents Last Chance For Tax Offenders, Says LIRS Chairman

    Chronicle EditorBy Chronicle EditorSeptember 30, 2017No Comments3 Mins Read
    Facebook Twitter Telegram WhatsApp
    LIRS
    Facebook Twitter WhatsApp


    Executive Chairman of the Lagos Inland Revenue Service (LIRS), Mr. Ayodele Zubair, has described the Voluntary Assets and Income Declaration Scheme (VAIDS) as the last chance for tax offenders to redeem themselves.

    Speaking yesterday on the sidelines of the International Conference of African Tax Administrations Forum (ATAF) holding in in Abuja, Zubair said the scheme could not have been introduced at a better time.

    “VAIDS is a very good initiative undertaken by the present administration and headed by the Minister of Finance, Mrs. Kemi Adeosun. The whole idea is to bring a lot of Nigerians into the tax net and, by so doing, increase the tax base and the culture of paying taxes in Nigeria,” he explained.

    He urged those with previously undeclared taxes and assets to voluntarily and truthfully declare such, as they will be absolved of all the income and penalties. While acknowledging the existence of mixed feelings about the scheme, Zubair advised that it is in the interest of tax offenders to embrace the scheme because it affords them the last opportunity to escape heavy sanctions.

    Read Also Nigerian lesbian woman attempts suicide shortly before deportation

    “Government is going the whole hog at the end of the amnesty programme and all the people who have not voluntarily and truthfully disclosed all their untaxed incomes will surely face prosecution,” he warned. He added that government, at the federal and state levels, are committed to the success of VAIDS, warning offenders that there is a lot of information being shared locally and internationally on property ownership and other items.

    “A lot of data mining is going on.. A lot of data is being mined on a daily basis, both locally and internationally, on property ownership and the likes. So, people who do not take advantage of this programme will certainly have themselves to blame in the future because the government has the will to prosecute all tax offenders and will do so,” he said.

    When asked if Nigerians are ready for voluntary assets declaration, Mr. Zubair said a lot of people have started showing interest and trust in the scheme, which offers confidentiality and expressed belief that the sincerity of the government will arouse greater confidence in the scheme among Nigerians.

    “All over the world, no one wants to pay taxes except they are forced to. But we are currently very positive about the success of the VAIDS programme. We have received a lot of feelers. It has generated a lot of enquiries. People are coming to us and want to know about the programme. They are willing to trust the system in terms of the confidentiality promised. Over time, more people will be convinced on the entire idea. Some people think it’s a trick to catch them out, but is not. This is an amnesty programme about which the government is very sincere about and people should take advantage of it.

    Mr. Zubair added that VAIDS will help increase the country’s tax-to-Gross Domestic Ratio, which is one of the lowest in the world. Nigeria’s tax-to-GDP ratio currently stands at a measly 6 per cent. Compared to India’s at 16 per cent, Ghana’s 15.9 per cent and South Africa’s 27 per cent, the country occupies a basement position.

    Share. Facebook Twitter Telegram WhatsApp

    Keep Reading

    World's richest man Elon Musk bought a 9.2% stake in Twitter

    Elon Musk creates new US political party

    Colombian police have apprehended the alleged mastermind behind the assassination attempt on a presidential candidate during a rally last month.

    Police arrest key suspect in shooting of Colombia senator

    Police rescue abducted Benue Links passengers

    Police arrest Osun imam for raping eight-year-old girl

    2027: 'Join ADC,' PDP chieftain urges party members

    2027: ‘Join ADC,’ PDP chieftain urges party members

    David Mark warns FG, Benue killings may force citizens to self-defence

    David Mark major cause of PDP crisis – Bode George

    Police nab church member over kidnap of two Catholic Priests in Adamawa

    Police bust human trafficking syndicate, rescue 40 Ghanaians in Ondo 

    Add A Comment

    Comments are closed.

    Subscribe to News

    Be the first to get the latest news updates from ChronicleNG about world, sports, politics etc

    World's richest man Elon Musk bought a 9.2% stake in Twitter

    Elon Musk creates new US political party

    July 6, 2025
    Colombian police have apprehended the alleged mastermind behind the assassination attempt on a presidential candidate during a rally last month.

    Police arrest key suspect in shooting of Colombia senator

    July 6, 2025
    Police rescue abducted Benue Links passengers

    Police arrest Osun imam for raping eight-year-old girl

    July 6, 2025
    2027: 'Join ADC,' PDP chieftain urges party members

    2027: ‘Join ADC,’ PDP chieftain urges party members

    July 6, 2025
    David Mark warns FG, Benue killings may force citizens to self-defence

    David Mark major cause of PDP crisis – Bode George

    July 6, 2025
    Facebook X (Twitter) Instagram
    • Politics
    • News
    • Sports
    • Business
    • About Us
    © 2025 ChronicleNG

    Type above and press Enter to search. Press Esc to cancel.