Voluntary Asset and Income Declaration Scheme (VAIDS) is a
scheme by the Federal Government to help increase tax awareness and compliance
among Nigerians...
This scheme grants all tax-paying citizens a limited
opportunity to regularize their tax status without penalty or interest charges.
All citizens are advised to declare their assets as the Federal Government have
put in place a team of international asset tracers and investigative
specialists to help track assets held by Nigerians. The scheme would last from
the 1st July 2017 to the 31st March 2018 after which there will be no form of
compassion for tax evaders who fail to utilize this scheme. VAIDS offers a very
flexible payment plan with provision for instalment payments in the scheme.
This scheme, like many other successfully implemented international tax
schemes, will help to generate a substantial amount of revenue to complement
the dwindling revenue generated from oil. The scheme is estimated to help
generate about US$1billion worth of revenue. These funds would help to reduce
Nigeria’s borrowing needs, spur development and allow investment in vital
infrastructure.
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