VAIDS implementation: FG to provide training for professionals

To support the successful implementation of the recently-launched Voluntary Asset and Income Declaration Scheme (VAIDS), the Federal Government has committed to providing free training to accountants, lawyers, wealth managers, stockbrokers and other professional advisers to the public on the scheme. The free training is aimed at equipping them to give advice to their clients on participating in the scheme. 

In a message to the Conference of the Chartered Institute of Stockbrokers held at the Trasncorps Hilton Hotel in Abuja on July 4, 2017, Minister of Finance, Mrs Kemi Adeosun said that professional advisers were critical to the success of the VAIDS scheme due to their role in financial management. The theme of her message was “Transiting from Recession to a Global Economic Power.”

 “Those who manage wealth and undertake transactions on behalf of their clients are best placed to advise them to take advantage of the VAIDS  offer by declaring their assets and income honestly” she said and enjoined  Stockbrokers to join hands with the Federal Government in improving tax-payer education and compliance, crediting their side customer network as a key advantage.

She specifically commended Stockbrokers for their role in the recently launched Federal Government Savings Bonds, which relied on their distribution network.  “The success of this product shows that you continue to have a wide reach and therefore must partner with Government,” the Minister noted. 

She also commended the role of the stock brokers in the recent successful Eurobond and Diaspora Bond issuances, adding that despite these debt issuances, Government is focussed on changing its financing mix and on raising more revenue.

Mrs Adeosun affirmed that Nigeria is on the road to recovery and emphasised the role of investments in infrastructure to enhance productivity and competitiveness.  

Citing the N1.2Trillion already released for capital projects under the  2016 budget, Mrs Adeosun assured that much more could be done if every citizen paid the correct taxes. “It would be like thinking the unthinkable; it is time that Nigerians said Nigeria First.”