The Nigeria Voluntary Income Declaration Scheme VAIDS is a time-limited opportunity for taxpayers to regularize their Tax status relating to previous tax periods and pay any taxes due in exchange for fully and honestly declaring previously undisclosed assets and income, tax payers will benefit from forgiveness of overdue interest and penalties, and the assurance they do not face criminal prosecution for tax offence or tax investigation.
The Scheme came into effect from May 2017 after formal guidelines were issued. The Scheme is expected to help expand Nigeria's tax base and therefore improve the low tax to Gross Domestic product (GDP) ratio currently about 6%. It also seeks to curb the use of tax havens for illicit fund flow and tax avoidance.
Some of the objectives of the scheme include:
- Increase Nigeria's tax to GDP ratio from 6% to 15% by 2020
- Broad earning the Federal and state tax brackets
- Discouraging illicit financing flows and tax evasion
To find out more about VAIDS simply Visit: www.vaids.gov.ng
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