The Kwara State Institute of Chartered Accountants of Nigeria (ICAN) has said that the Voluntary Assets Income Declaration Scheme (VAIDS) is a welcome development.
The Chairman of the institute, Pastor Abel Aiyedogbon stated this during an interview with Pilot Business on Tuesday, saying that it is a policy targeted at enhancing tax generation in the country.
“The VAIDS is a welcome development because it is going to increase the tax space and it is going to encourage people to table their assets and start paying tax.
“If you look at the system, not many people are complying with the tax laws and when you look at it from another angle the income from oil is going down and you cannot predict what will be in the nearest future.
” This is the right time in sourcing for another means to generate income for the country. You have various taxes and if government can mobilise people to comply, it will be good for the system,” he added.
Aiyedogbon submitted that the executive order by the Acting President Yemi Osibajo will not in anyway contradicts the tax laws despite the fact that some elites are against the 90 days amnesty.
He said,” The Federal Government is saying that they are not contravening any tax law but giving people window opportunity to come forward including defaulters to look at situation for waiver consideration.
“This is to encourage people and ensure that the tax to be paid is not burdensome and it will enable people to voluntarily comply.”
He stressed that the institute is waiting for directive from the national headquarters to key into the scheme and see how they can contribute to it.
“We had similar opportunity last year and we are always encouraging our clients to approach it legally for their benefits.”
The ICAN boss called on the public to support the government at all levels by paying their tax so as to benefit dividends of democracy.
Recall that the Federal Government had declared every Thursday as “Tax Thursday”, to create awareness among Nigerians on payment of tax and accrued benefits with regards to the nine months Amnesty for tax defaulters.