The Governor of Kaduna State, Mallam Nasir El-Rufai and the Minister of Finance, Mrs. Kemi Adeosun will be speaking at the Voluntary Assets and Income Declaration Scheme, VAIDS, stakeholders’ symposium tomorrow, Thursday the 1st of March, 2018, in Kaduna State.
The VAIDS Stakeholders’ Symposium is expected to have in attendance the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, members of the State Executive Council, members of the State House of Assembly and traditional rulers, alongside business leaders, business owners and tax payers.
The stakeholders’ symposium aims to sensitise individuals, small and large businesses owners, corporations, groups, tax advisers, captains of industries, professionals and artisan bodies within Kaduna State and environs on the benefits, the necessity and the procedure of the tax scheme, in order to bridge the gap between the government and the people, to increase public understanding of the program.
VAIDS is a Federal Government initiative set up to encourage taxpayers all over the country to regularise their tax status – penalty-free – between the 1st of July 2017 and the 31st of March, 2018. All stakeholders who take advantage of VAIDS will be exempt from heavy tax penalties, as well as enjoy the freedom to spread any outstanding tax liabilities over three years.
For many, VAIDS is a window of opportunity to partake in the active and deliberate investment in the country, as taxes are an essential source of revenue for the nation. The Minister of Finance, Mrs. Kemi Adeosun, identified regular tax payment by Nigerians as fundamental to the growth and development of the country.
The country’s inability to properly harness the taxes of its citizens has hitherto hampered proper planning and provision for its citizens, and this scheme is an excellent way for the government to partner with the people for the good of the economy as “tax revenue inflow would lead to more investment by the Federal and State Governments in infrastructure and job and wealth creation across the nation,” the Minister noted.
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