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Voluntary Asset Declaration: Federal Govt Goes After Tax Defaulters

by Mark Itsibor
3 years ago
in Business
Nami FIRS
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Federal government has said it will soon commence a full-scale enforcement of the provisions of Voluntary Assets and Income Declaration Scheme (VAIDS) against defaulting taxpayers under the scheme.

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VAIDS is a tax amnesty initiative designed to encourage voluntary disclosure of previously undisclosed assets and income for the purpose of payment of all outstanding tax liabilities. The scheme was launched on June 29, 2017.

In a Public Notice, titled: “Post-VAIDS Enforcement and Prosecution Exercise,” and signed by chairman of the Federal Inland Revenue Service (FIRS) Muhammad Nami, said both FIRS and Joint Tax Board (JTB) will embark on full-scale enforcement exercise, including prosecution of the taxpayers who failed take advantage of the tax amnesty.

“The Joint Tax Board (JTB) in conjunction with the Federal Inland Revenue Service (FIRS), is embarking on a full-scale Enforcement Exercise, including prosecution of those defaulting taxable persons who did not take advantage of the Scheme,” the notice read. “The defaulting Taxpayers will be assessed to tax in accordance with the relevant provisions of the Tax Laws.”

The government is relying on executive order No. 004 of 2017, which provided an opportunity for taxpayers who were in default of tax liabilities to voluntarily declare their assets and income, and pay taxes due on them, and in return obtain amnesty from prosecution among other benefits for a 12-month period from the 1st of July, 2017.

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The scheme gave the taxpayers the opportunity of tax reliefs such as immunity from prosecution for tax offences, tax audit, interest waiver, waiver of penalties and the option of spreading payment of outstanding liabilities over a maximum period of three years would be available.

The executive order stated that the consequence of failure to comply with the scheme would be met with liabilities for the offending taxpayer, including liability to pay in full the principal sum, as well as to pay all penalties and interests that have arisen. This also included a comprehensive tax audit for the taxpayer and withdrawal of reliefs granted.

This Post-VAIDS Enforcement and Prosecution Exercise is coming on the heels of a post-VAIDS stakeholders’ webinar held on 6th June, 2022 and organised by the FIRS. At the event, explained to stakeholders including consultants and taxpayers the background and successes of the scheme.

Nami said the difference between the 68 million active businesses in Nigeria and less than 20 million active taxpayers needs to be bridged through enforcement of compliance. He said the post-VAIDS activities were an avenue for businesses and individuals to voluntarily declare their assets and income, and register to pay tax or face full enforcement action by the service.


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Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

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