From Nigeria: Voluntary Assets and Income Declaration Scheme Debuts in Nigeria
The government of the Federal Republic of Nigeria has launched the Voluntary Assets and Income Declaration Scheme (VAIDS) to allow taxpayers to voluntarily declare their assets/income and regularize their tax positions with respect to past years without penalties, interest and prosecution. The duration of the VAIDS is nine months commencing from July 1st, 2017 and it will apply to taxes arising from the preceding six years of assessment. The reliefs granted under the VAIDS apply to all taxes administered by the Federal Government and the State governments in Nigeria.
The VAIDS is a laudable step and a constructive one to take in an environment of low tax compliance by companies and individuals alike. However, there are some issues which may affect the administration of the VAIDS. Tax Authorities may have to develop and issue Operational Guidelines for the VAIDS, so as to address some of these issue(s) or any other issues that may arise in the course of the operation of the VAIDS.
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