VAIDS tracks 5m corporate organizations in tax compliance drive

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The data of over five million corporate organisations and individuals in the country have been collected through the Voluntary Assets and Income Declaration Scheme, VAIDS.

The data collated will be subjected to further analysis to ensure that all unpaid taxes are tracked and collected. This was contained in a statement issued by the VAIDS Office in the Federal Ministry of Finance on Wednesday.

The statement also added that the second phase of its data mining initiative was aimed at obtaining data from all government revenue-generating agencies.

The agencies, the office said, include the Federal Inland Revenue Service, FIRS; Nigerian National Petroleum Corporation, NNPC; Central Bank of Nigeria, CBN; Federal Airports Authority of Nigeria, FAAN; Federal Housing Authority, FHA; Petroleum Technology Development Fund, PTDF and the Nigerian Communications Commission, NCC.

According to the VAIDS office, data harvested from these agencies, would be used to determine the companies that had not remitted taxes based on income earned.

It would also be used to identify those that had under-declared as well as government agencies and corporate organisations that had collected taxes on behalf of the government but failed to remit same.

The VAIDS office said that analyses of the data would lead to considerable recovery of lost revenues and provide a rich data capture of eligible taxpayers.

The VAIDS office obtained data on all contracts and transactions above N50 million from the Nigeria Customs Service, Asset Management Corporation of Nigeria and the Nigeria Export-Import Bank.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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