The Nigerian Voluntary Asset and Income Declaration Scheme (VAIDS) is a time-limited opportunity for taxpayers to regularise their tax status relating to previous tax periods and pay any taxes due. In exchange for fully and honestly declaring previously undisclosed assets and income, tax payers will benefit from forgiveness of overdue interest and penalties, and the assurance they do not face criminal prosecution for tax offences or tax investigations.
The aim of the Nigerian Voluntary Asset and Income Declaration Scheme (VAIDS) is to provide taxpayers with a time-limited opportunity to regularise their tax status relating to previous tax periods and pay any taxes due. In exchange for fully and honestly declaring previously undisclosed assets and income, tax payers will benefit from forgiveness of overdue interest and penalties, and the assurance they do not face criminal prosecution for tax offences or tax investigations.
The good news is that the deadline for the Voluntary and assets declaration scheme has been extended to 53days, 23hours as at the time of publishing this article.
Download forms that apply to you here;
With the goal of this scheme, which is to raise the percentage of non-oil tax revenue from the current 6 percent to 15 percent by 2020; and to provides a window of opportunity, an amnesty of sorts, for taxpayers — both individual and corporate — to be honest with what they earn and own, and voluntarily pay up on their tax arrears between 2010 and 2015. Nigeria will be great again.
Remember, June 30th, 2018 is the deadline and it pays to pay our tax.
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