In a bid to combat tax evasion and encourage tax compliance, the Federal Government launched the Voluntary Assets and Income Declaration Scheme, providing an opportunity for Nigerians home and abroad to declare their assets and income and regularize their outstanding tax liabilities without fear of prosecution or audit investigation. They also enjoy waivers from interests and penalties on outstanding tax payments.
The Voluntary Assets and Income Declaration Scheme is part of the Federal Government’s commitment to rebuild Nigeria’s revenue base by tackling tax evasion. Nigeria has a history of tax evasion by multinational companies and high net worth individuals. A lot of companies and individuals have found a way to circumvent their tax obligations and are either defaulting in tax payments or not complying at all. This is not only a criminal offence; it hinders the country’s development and leaves an unfair burden of payment on those who comply.
With a strong revenue base, Nigeria can address the lingering issue of wealth inequality in the country and commit to developing infrastructural facilities like good roads, electricity, standard health care services etc. that would benefit everyone in the society. This window of opportunity to declare assets and income is open till the 31st of March 2018, except for the waiver on interest from outstanding tax liabilities which ends 31st December, 2017.
Have you been defaulting on your taxes? Do you have undeclared assets and income sources? Now will be a good time to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS) before it ends. Visit www.vaids.gov.ng for more details.
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