VAIDS: FG rakes in $110m from two companies

Kemi Adeosun, minister of finance, says the federal government has received $110 million from two firms under the voluntary asset and income declaration scheme (VAIDS).

Adeosun made this known to journalists on Wednesday after the federal executive council (FEC) meeting chaired by Vice-President Yemi Osinbajo.

The federal government had in July announced a nine-month amnesty window for tax defaulters, to help regularise tax payment and yield increased revenue.

Adeosun said the government may exceed its one billion dollar target with the response gotten so far. She said a total of N1.5 billion will be spent on advertising to sensitise tax paying Nigerians.

“On the amount expected, we projected one billion dollars and we have already got $110 million and that is just from two companies,” she said.

“So, we feel we might exceed that target”.

Adeosun said more letters will be sent to taxpayers as an increased number of high net worth individuals are a clear target for the tax amnesty scheme.

“Very high net worth people are now being brought into the tax revenue profile,” she said.

“Even if you have not got a letter yet, do not think we have forgotten you. These are just the first 500, others will soon follow.

“It does not mean that we do not have you on our radar.”