All you need to know about VAIDS

On 29th June 2017, the Acting President, Prof. Yemi Osinbajo, SAN formally launched the Voluntary Assets and Income Declaration Scheme (VAIDS). The Scheme will commence on 1 July 2017 and last for a period of 9 months. 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. Government would gather intelligence locally and through various international conventions and multilateral agreements to obtain information required for prosecution of defaulting taxpayers or those who make false declarations. An international forensic and asset tracing company has been engaged to support this process.

Get WordPress help, plugins, themes and tips at MachoThemes.com

Leave a Reply

Your email address will not be published. Required fields are marked *