The Federal Inland Revenue Service (FIRS) and the Chartered Institute of Taxation of Nigeria (CITN) have agreed to work together to drive the recently launched Voluntary Asset and Income Declaration Scheme (VAIDS).
VAIDS, recently launched by Acting President, Yemi Osinbajo, is a time-limited opportunity for taxpayers to regularise their tax status relating to previous tax periods. 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 that they will not face criminal prosecution for tax offences or be subject to tax investigations. The scheme is expected to last for nine months only; from July 1, 2017 to March 31, 2018, and there will be no renewal or extension, after which sanctions will apply to tax defaulters. The CITN and FIRS have agreed that the initiative is capable of changing Nigeria’s tax to GDP ratio from the six per cent and unlocking opportunities that tax resources could bring to bear on the country.
Both parties made the commitment yesterday when the CITN 13th President and Chairman of Council, Chief Cyril Ikemefuna Ede, led his council members on a courtesy call on the Executive Chairman, FIRS, Mr. Tunde Fowler, in his office in Abuja.
Mr. Fowler said, with the VAIDS initiative, this year will witness a change of financial profile of Nigeria.
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