The tax amnesty programme of the federal government appears to be working some magic.

About 262 tax payers have taken advantage of the amnesty programme through the Voluntary Assets and Income Declaration Scheme, VAIDS by declaring their assets.

Tax payments from these number made up 20 billion naira within the last 8 months.

The Federal Inland Revenue Service, FIRS boss, Babatunde Fowler gave the figure on Wednesday while featuring on a live television programme, ‘The Core’, which aired on Channels Television.

Also Read: 5 Things Small Business Owners Must Know About Govt’s Tax Amnesty

The programme also featured the Minister of Finance, Kemi Adeosun, among other panelists.

The VAIDS offers a grace period of nine months from July 1, 2017 to March 31, 2018, for tax defaulters to voluntarily pay back to the government what they owe.

In exchange for full and honest declaration, the government promises to waive penalties that should have been levied and the interest that should have been paid on overdue taxes.

Also, those who declare their tax obligations honestly will not be subjected to any investigation or tax audit after the grace period.

Fowler stated that as the scheme is approaching the deadline, there are lots of people who would still jump on board.

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