VAIDS: Firms to Lose 2,000 Properties in FCT

FIRS
  • VAIDS: Firms to Lose 2,000 Properties in FCT

The Federal Government is set to confiscate 2,000 properties in the Federal Capital Territory belonging to some firms following their failure to disclose the assets under the Voluntary Assets and Income Declaration Scheme.

The Chairman of Federal Inland Revenue Service, Babatunde Fowler said the properties had been identified, adding that the FIRS planned to secure court orders to sell them off.

“We would sell off the 2,000 properties and give the companies the change after deducting what belonged to the government as tax,” he said at a media workshop on VAIDS held by the FIRS on Thursday in Abuja.

Fowler noted that the defaulting companies would also be penalized for withholding the tax due to the government, adding that about N17 billion had been paid by 10 firms since the introduction of VAIDS in July this year.

He stated that many more corporate organizations were expected to comply with VAIDS before the nine-month grace period expires in March next year.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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