The Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, has called on Nigerians to pay their taxes, in order to develop the country. He said the country cannot develop without tax.
Baring his mind on the Voluntary Asset and Income Declaration Scheme (VAIDS) on Arise TV, Fowler said “this country requires those taxes to develop too. Nobody will develop Nigeria except we start developing it.”
“For example, if you declare that you own a car of N10 million, and a house worth N50 million, your clothes, including your suit, watch and tie maybe worth a million naira and you declare that you earn N2 million year, the question would be if you earn such amount yearly, how can you afford the house, the car, the expensive suit and the wrist watch?” These are the questions we are asking. So we believe quite frankly that Nigerians can be law abiding.”
He said the newly launched scheme - VAIDS offers opportunities for all Nigerians to come forward and declare the amount of profit they had earned and the assets they have acquired and pay the commensurate taxes.
According to him, the initiative will free individuals or entities from paying penalties, or face prosecution, making them good citizens.
The FG has also declared that it is committed to providing free training to accountants, lawyers, wealth managers, stockbrokers and other professional advisers to the public to support the successful implementation of the newly launched VIADS. The training is geared towards equipping them to give relevant advice to clients for participation in the scheme.
