The Chartered Institute of Taxation of Nigeria has called on the Federal Government to release the procedural framework for the Voluntary Assets and Income Declaration Scheme, which was unveiled last week.
The Acting President Yemi Osinbajo had unveiled the scheme in Abuja, saying it would enhance tax culture and expand the country’s tax base.
The institute said the VAIDS would enhance the implementation process in a manner that would be consistent with extant laws.
In a statement on Sunday, the President/Chairman of Council, CITN, Mr. Cyril Ede, said, “While the order addresses issues such as commencement dates, taxes covered, assessment period, eligible persons and timeframe for declaration and payment, we await the procedural framework from the Ministry of Finance for purpose of assisting in the understanding of the implementation process in a manner that is consistent with extant laws.”
According to the CITN, the order provides a legal framework for the Ministry of Finance to set up the VAIDS in collaboration with all the 36 states of the federation.
The scheme is meant to bring more taxpayers into the tax net and enable them to pay all outstanding taxes by offering taxpayers a waiver of interest and penalty as well as an opportunity to pay by installments in three years.
The scheme will run for a nine-month period, effective July 1, 2017.
Ede said the institute also backed the Federal Government for acknowledging the duties of the government towards the citizens and their welfare.
He said, “This announcement is, therefore, a pointer to the fact that the government has a listening ear as it continues to aggregate the position of stakeholders in the tax space with respect to the broader and specific issues affecting poor voluntary tax compliance in the country.”
The CITN president further said, “It is gratifying to note that the state governments’ Internal Revenue Service are also part of this worthy initiative as it would contribute immensely towards boosting their internally-generated revenue.”
He added, “The VAIDS is a right step in the right direction as its intentions are laudable. It also possesses the necessary ingredients for turning around the fortunes of the government through non-oil revenues so as to cater for the welfare of the citizens and overall development of the nation.
“The institute looks forward to working with the government to ensure fairness and equity under this scheme.”
