The Ministry of Finance says the Voluntary Assets and Income Declaration Scheme (VAIDS) has started the collection of data on the income and assets of high net-worth individuals and companies in the country.
Highlights (Report by TheCable):
- In a statement issued on Tuesday, it further said this is the first step in collecting intelligence that will ensure that corporate entities and individuals who may refuse to take advantage of VAIDS.
- Data have already been collected from the Nigerian Customs Service and the Asset Management Corporation of Nigeria (AMCON) for all payments and receipts over N100 million between 2010 and 2015 — and personal bank accounts will be in the next round of data mining.
- Data will also be collated from the Federal Inland Revenue Service, state lands departments, Corporate Affairs Commission (CAC), Securities and Exchange Commission (SEC), National Identity Management Commission (NIMC), land registries, treasury bills and Nigerian Inter-Bank Settlement System (NIBSS), Integrated Payroll and Personnel Information System (IPPIS), Nigerian Civil Aviation Authority (NCAA) and payment platforms such as Remitta.
- “The data being collected is on individual and corporate liquid as well as fixed assets and income over the last five years both within and outside Nigeria. Data collected will be profiled against tax payments made by such individuals and corporate entities,” it said.
Taxpayers who take advantage of the window avoid penalties and interest on taxes owed, tax audits and prosecution for tax offences.
Read » FG begins data collection from banks for tax purposes on YNaija
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