On June 2017, the Acting President,
Prof. Yemi Osinbajo, SAN formally launched the
Voluntary Assets and Income Declaration Scheme (VAIDS). The Scheme will
commence on July 2017 and last for a period of 9 months. VAIDS was designed to
encourage voluntary disclosure of previously undisclosed assets and income for
the purpose of payment of all outstanding tax liabilities.
VAIDS is a time-limited opportunity for taxpayers to regularize
their tax status relating to previous tax periods. In exchange for fully and
honestly declaring previously undisclosed assets and income, taxpayers will
benefit from the forgiveness of overdue interest and penalties and the
assurance that they will not face criminal prosecution for tax offences or be
subject to tax investigation.
VAIDS ushers in an opportunity to
increase the nation’s general tax awareness and compliance.
The Scheme would be implemented by the
Federal Inland Revenue Service (FIRS) in collaboration with all 36 State
Internal Revenue Services and the FCT IRS. Government would gather intelligence
locally and through various international conventions and multilateral
agreements to obtain information required for prosecution of defaulting
taxpayers or those who make false declarations. An international forensic and
asset tracing company has been engaged to support this process.
This scheme will run for a period of
9-month, from July 1, 2017 to March 31, 2018.
Note: No Interest. No Penalties. No Tax
Audit. No Tax Prosecution. Declare early to avoid interest and penalties. For details
and enquires visit any tax office near you or www.vaids.gov.ng
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