Home / Tag Archives: Voluntary Assets and Income Declaration Scheme (VAIDS)

Tag Archives: Voluntary Assets and Income Declaration Scheme (VAIDS)

Buhari cedes to PEPs outcries, extends VAIDS deadline to June 30

Kemi VAIDS

Considering unprecedented pleas from supposedly politically exposed persons (PEPs) and business leaders who had issues in approaching the Federal Inland Revenue Service (FIRS) for their voluntary tax declarations before March 31st deadline, President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30. The approval for the extension of the deadline is ...

Read More »

VAIDS: Only Act of NASS can establish Special Tax Courts, not ministry—Ubani

Kemi VAIDS

Indications have emerged showing that the trending announcement by the Minister of Finance, Mrs. Kemi Adeosun, that federal government will from April 1, this year begin the trials of identified 130,000 high profile tax evaders, may not work after all. This is based on the fact that the establishment of a Special Courts is the sole statutory function of the ...

Read More »

Experts blame Ministry for porous, unsecured tax campaign architecture on VAIDS

VAIDS Kaduna

Digital fraudsters have cashed in on the observed weak, unsecured and poorly structured tax awareness drive of the Ministry of Finance through the Voluntary Assets and Income Declaration Scheme (VAIDS). Analysts say what may have prompted the fraudsters to cash in on the government’s tax drive may not be unconnected with security lapses around the entire build up to the ...

Read More »

Sorrow awaits tax evaders’ who fail to take VAIDS advantage from month end—Minister

VAIDS Kaduna

The Minister of Finance, Mrs. Kemi Adeosun in Kaduna on Thursday, called on tax evaders’ or those who have not declared their income or pay taxes accordingly to take advantage of the  Voluntary Assets and Income Declaration Scheme (VAIDS) or face prosecution at its expiration on 31st March, 2018. Explaining this during a Stakeholder Interactive Session on VAIDS held at ...

Read More »

VAIDS, tax amnesty deal to yield a total of N23bn in 6 months—Fowler

FIRS Hqs

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler has revealed that the Voluntary Assets and Income Declaration Scheme (VAIDS), a tax amnesty programme introduced to encourage defaulting tax payers regularize their tax records without recourse to the appropriate fines and interest, has raked in a total of N17 billion between August and end of November. ...

Read More »

Sanctions await tax defaulters’ who failed to comply with VAIDS – FG

Kemi Adeosun

The federal government is still tightening its strategic efforts to capture everybody in its massive tax net, using the newly introduced Voluntary Assets and Income Declaration Scheme (VAIDS). To raise awareness and quicken compliance to the amnesty-styled scheme, the Minister of Finance, Mrs. Kemi Adeosun, said government would prosecute tax defaulters who fail to take advantage of the nine-month amnesty ...

Read More »

Only technology can capture SMEs into Nigerian tax basket—IMF

imf hqs

The International Monetary Fund (IMF) has argued that beyond tax reforms targeting mega businesses, “Another way Nigeria’s Federal and State Governments could enhance compliance is by encouraging businesses of all sizes to use technology to streamline capturing of transactions and automate payroll calculations. These solutions can help minimize the risk of non-payment of tax or incorrect remittances of taxes to ...

Read More »

FIRS, JTB deepen move to cage high-income earners, 12 states sign VAIDS

FIRS

The federal government has stepped up its drive to capture several Nigerian high income earners who had been evading taxes as the Joint Tax Board (JTB) and the Federal Inland Revenue Service (FIRS) have started sharing data of high net worth individuals. The key target is to profile income earners and taxpayers in order to get them pay appropriate taxes. ...

Read More »

Osinbajo signs another Order on tax evasion, offers 9 months grace period to evaders

Vice president, Prof Yemi

The federal government on Thursday, gave more bite to its ongoing crusade to deepen tax compliance and inclusion of more citizens both corporate and individuals into the shallow tax basket. Currently, only 214 Nigerians pay taxes of about N20m annually and about 900 Nigerians pay N10m as tax every year. This came on the heels of a new Executive Order ...

Read More »