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Kaduna to host VAIDS Symposium on Thursday

The next stakeholder’s symposium for VAIDS would take place in Kaduna on Thursday, March 1st 2018, according to the federal ministry of finance

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The next stakeholder’s symposium for VAIDS would take place in Kaduna on Thursday, March 1st 2018, according to the federal ministry of finance. The executive governor of Kaduna state, Malam Nasir El-Rufai and the honorable minister of finance; Mrs. Kemi Adeosun would meet with the leaders in the Kaduna business industry, business owners and taxpayers in Kaduna over VAIDS.

The VAIDS program (Voluntary Assets and Income Declaration Scheme) which commenced on 1st July, 2017, provides opportunity for tax payers to voluntarily and truthfully declare their assets and incomes before the March 31st, 2018 deadline. The Scheme embraces all Federal and State taxes such as Companies Income Tax, Personal Income Tax, Petroleum Profits Tax, Capital Gains Tax, Stamp Duties, Tertiary Education Tax, Technology Tax, Tenement Rates, and Property Taxes.

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler is expected to attend the VAIDS Stakeholder’s Symposium. The members of the Kaduna State executive council, members of the Kaduna state house of assembly and royal fathers and traditional rulers in and around Kaduna state are expected to be in attendance.

Mrs. Adeosun; the minister of Finance stated that business groups, tax advisers, professional and artisan bodies, and other strategic economic groupings within Kaduna state and environs are also expected to attend the symposium. Her official statement declared that the predictable tax revenue inflow would lead to more investment by the federal and state governments in infrastructure and job and wealth creation across the nation.

“Payment of taxes is a fundamental requirement for our growth story. Nigeria has a very poor scorecard in tax payment. When oil came, we abandoned the old systems of tax collection that provided most of our infrastructure since colonial days.

“Currently, we have just 14 million tax payers out of 70 million who are economically active. So, many people who should be paying are not paying anything. It is the development of taxes that will help the States and the Federal Government to achieve their true potentials,” the Minister said.