FG targets $1bn from Tax Amnesty Scheme

The Federal Governmenthas said it is targeting about $1 billion from the on-going Voluntary Income and Asset Declaration Scheme (VAIDS) before the deadline on March 31, 2018.
The Minister of Finance, Kemi Adeosun, who made this disclosure on the sidelines of the VAIDS training workshop in Lagos, said the Ministry had received $110 million already from just two companies.
“We have set $1 billion as the success target. However, it’s not really about how much money that comes in. For me, it’s about getting people into the tax net, going forward. Once people start declaring the appropriate income, that revenue for the government will be continuous. Hence, regardless of the oil price, the government will have a steady source of revenue,” she said.
Adeosun further disclosed that Nigeria was already a part of the Automatic Exchange of Information, AEOI, that plans to supply the government with information concerning various categories of income and financial transactions of Nigerians in other countries.
She said that from January 1, 2018, the Ministry will have full access to this information. She has promised that the Ministry will name and shame wanting individuals and entities that fail to avail themselves of the amnesty programme after the deadline.