Connect with us
Advertise With Us

BUSINESS

Panic Grips Tax Debtors As VAIDS Steps Up Data Collection

Published

on


Thousands of tax defaulters are already gripped by fear of being exposed following the intensification of transaction and income data collection by the Voluntary Assets and Income Declaration Scheme (VAIDS).

The scheme, which provides a time-limited opportunity for tax debtors to regularise their tax status by truthfully declaring, ends on 31 March.

LEADERSHIP gathered income, assets and transaction data of millions of Nigerians have been obtained from a variety of sources, including land registries, banks, Federal Inland Revenue Service, Corporate Affairs Commission, Nigerian Customs Service, Federal Airports of Authority of Nigeria and numerous payment information platforms.

The data have been analyzed to yield tax debt profile of individuals and companies after which letters were written to defaulters, warning them to comply with VAIDS before the deadline.

According to sources, owners of undeclared offshore assets are equally certain to be tracked through a variety of multi-jurisdictional agreements to which Nigeria is signatory. Among these are Automatic Exchange of Information (AEoI), which commenced on January 1st, 2018.

‘‘It enables tax authorities in Nigeria to receive information, even without requesting, from tax authorities in other countries. The Federal Government has also started working on modalities for the implementation of the Common Reporting Standards (CRS), which will deliver taxpayers’ information to government directly from commercial banks. Full implementation of the CRS will enable the government receive information from accounts domiciled in countries by Nigerian tax residents,’’ the source said.



Copyright LEADERSHIP.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from LEADERSHIP Nigeria Newspapers. Contact: [email protected]





Which party would you vote for President in the 2019 general election?

View Results

Loading ... Loading ...


Advertisement

Leave a Reply

Your email address will not be published. Required fields are marked *

Comments
Advertisement

Sign up for our newsletter

Advertisement

MOST POPULAR

Pin It on Pinterest

Share This

Share this post with your friends!