Federal Government Launches The Voluntary Asset & Income Declaration Scheme (VAIDS)
According to the Joint Tax Board (JTB), as at May 2017, the total number of taxpayers in Nigeria was estimated at 14 million out of 69.9 million who are economically active. This is why Nigeria has one of the lowest tax to GDP ratios in the world (6%). In a bid to improve the tax culture in the country, the Federal Government has recently launched the Voluntary Asset and Income Declaration Scheme (VAIDS).
VAIDS is a time-limited initiative designed to encourage voluntary disclosure of all assets and income; it is also a medium for tax payers to regularize their tax status without penalty charges nor interest. This scheme will aid in increasing the number of tax payers in the tax net and also raise revenue. It is set to run in two phases from Saturday, July 1st, 2017 to Saturday, March 31st, 2018. The first phase, from the Saturday, July 1st to Sunday, December 31st,2017 offers an amnesty window for Nigerians who have evaded taxes whether ignorantly or deliberately. It provides an opportunity for them to regularize their pending taxes without penalty and interest charges. The second phase, from Monday, January 1st to March, however, allows citizens to regularize outstanding taxes without penalty but with interest.
After the scheme is over, all outstanding tax defaulters are subject to severe punishments given by the Nigerian and international law so all Nigerians are advised to take full advantage of this scheme.
To find out more about this scheme click here.
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