Tax Amnesty and Taxation Revenue: Nigeria’s Voluntary Assets and Income Declaration Scheme (Vaids) in Retrospect



This work adopted the ordinary least square (OLS) method to examine Voluntary Asset and Income Declaration Scheme (VAIDS) of the Nigerian government executive order six as a form of tax amnesty and its impact on tax revenue of Value Added Tax (VAT) and Personal Income Tax (PIT) in retrospect. The data of this study were obtained mainly from secondary sources from Federal Inland Revenue Service reports and Central Bank of Nigeria (CBN) statistical bulletin. Econometric models/packages were used in this work. The result of the findings reveal that Voluntary Assets and Income Declaration Scheme (VAIDS) had a significant impact on VAT while Voluntary Assets and Income Declaration Scheme (VAIDS) did not have any significant impact on personal income tax. This work recommends that the Voluntary Assets and Income Declaration Scheme should be modified to be a permanent programme as a separate body or a Department Federal Inland Revenue Service should be set up to inspect and ensure the smooth running of the programme and the regulatory bodies should ensure that it implement policies that will reduce the loop holes in tax laws which tax payers capitalized on to evade tax.

Keywords: VAIDS, Tax, VAT, PIT, FIRS

DOI: 10.7176/RJFA/12-16-08

Publication date:August 31st 2021


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