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4 Aug 2017
 VOLUNTARY ASSET INCOME DECLARATION SCHEME (VAIDS)
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VOLUNTARY ASSET INCOME DECLARATION SCHEME (VAIDS)

 

4 August 2017

VOLUNTARY ASSET INCOME DECLARATION SCHEME (VAIDS)

 

Introduction

VAIDS is an initiative designed to encourage voluntary disclosure of previously undisclosed assets and income for the purpose of payment of all outstanding tax liabilities. 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. .

Overview/ Purpose of the Scheme

The scheme provides an opportunity for Nigerians with assets and income- movable and immovable properties in Nigeria and outside Nigeria, investments- that are undeclared or underdeclared as well as outside of the tax bracket to declare those assets and income. It also includes those with accrued tax liabilities on their assets and income to come clean on what they owe within a period of 9 months commencing 1 July 2017.

Objective of the scheme

• To encourage tax payers

• To increase number of tax payers

• To reduce the non-compliance level of taxation

• To increase Nigeria’s GDP

• To discourage tax evasion

Target Persons

The Scheme covers all taxable persons and entities including individuals, trusts, executors, registered companies and statutory companies who have not been fully declaring their taxable income/assets; have not been paying the tax due at all and or have been underpaying or under remitting taxes.

• Full time employees with multiple income steams

• Company with understated revenue

• Use of offshore tax shelters undercover

• Lifestyle inconsistent with tax payment

• The Entertainers

• High net worth family with complex tax situation

• Retiree with unexplained assets

Taxes Covered

The Scheme is applicable to all tax payers in Nigeria and it covers all Federal and State taxes such as Companies Income Tax, Personal Income Tax, Petroleum Profits Tax, Capital Gains Tax, Stamp Duties, Tertiary Education Tax.

Advantage of the Scheme- Those who partake of this exercise will for the period covered not:

• Pay interest and penalty

• Be investigated

• Be subjected to regular audit,and

• Face criminal prosecution.

“When you fail to pay taxes, you are liable to criminal prosecution because it’s a criminal offense. But with VAIDS, you won’t be prosecuted for those criminal offenses.

Timeline

Nine(9) months period effective 1st July 2017

Payment Method

This can be done either by lump sum payment or installmental payment over a specific period

Conclusion

It is not a rosy time for tax payers in Nigeria especially those that have always believed they will always find their way out. With this scheme, every tax payer is advised to come out clean and take advantage of this opportunity. Taxpayers who fail to participate in the Scheme will be investigated and if found culpable will be subject to criminal prosecution. A ‘name and shame” list of tax evaders will be published.

 

 

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