VAIDS: A new scheme set to improve Nigeria’s Tax Culture
The Voluntary Assets and Income Declaration Scheme (VAIDS) is a time-bound opportunity for tax payers to regularize their tax status without being prosecuted or paying interest charges. The major objective of this scheme is to increase the number of taxpayers in the tax net and also raise revenue. The duration of scheme is from the 1st of July 2017 to the 31st March 2018. It is divided into two phases: the first phase involves individuals disclosing their assets and income, then regularizing outstanding taxes without penalties and interest charges. The latter allows tax evaders to regularize their outstanding taxes but with interest charges.
It is important for all Nigerians to try to partake in this scheme as it would provide the revenue needed to build the Nigeria of our dreams. Once the scheme ends, non-participant defaulters will face the most severe punishment for tax evasion such as forfeiture of assets, imprisonment and more.
To get involved with this scheme please visit: http://vaids.gov.ng/
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