VOLUNTARY ASSETAND INCOME DECLARATION SCHEME (VAIDS): AN APPRAISALOFTHE INTENTAND OBJECTIVE

The level of tax compliance in Nigeria compared to the wealth and

affluence displayed by high-end citizens, both within and outside the

country, has been considered as having negative correlation. The need

to fund the government budget which is on the rising side, the low tax to

GDP ratio of 6% and the reduction in reliance on oil revenue, arising

from the 21st century fall in the price of crude oil in the international

market, shifted government focus to taxation as a sustainable means of

generating revenue. Hence, the initiation of Voluntary Assets and

Income Declaration Scheme (VAIDS) programme, which is aimed at

increasing Nigeria's tax revenue generation. Although VAIDS have

been extended to all citizens, it is clear that not all citizens will

understand the programme and take advantage of the benefits. An

appraisal of the implementation of the scheme reveals that there has

been an increase in the number of taxpayers in Nigeria's tax net and an

appreciable increase in the tax revenue generated during the one-year

VAIDS window. However, there are still more to achieve with

appropriate tax education and good governance, the desired goal of

voluntary tax compliance can be achieved.