In this article, MARK ITSIBOR presents up to date picture of the operational framework and gains of federal government’s Voluntary Assets and Income Declaration Scheme
Why tax amnesty? Was it well thought out? How will the Scheme help to restore lost confidence on the government and who really benefits from the Scheme? Those were some of the questions that trailed the launch of the Voluntary Assets and Income Declaration Scheme (VAIDS) on June 29, 2017 by Vice President Professor Yemi Osinbajo on behalf of the federal government.
The popular opinion then was that the call to voluntarily pay tax was a ploy to further raise and divert public funds. That notion that dominated public mind was understandable. Despite the huge funds that were available to past governments, Nigeria and majority of Nigerians were still overwhelmed by hunger, unemployment, lack of infrastructure, epileptic power supply and a host of other social issues that took public confidence away from government.
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