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    Want to stop evading tax? VAIDS: Here’s how to participate

    Chronicle EditorBy Chronicle EditorFebruary 11, 2018No Comments2 Mins Read
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    VAIDS provides a platform for tax defaulters to regularize their tax statuses
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    VAIDS provides a platform for tax defaulters to regularize their tax statuses

    The process of participation in the Voluntary Assets and Income Declaration Scheme (VAIDS) have been made easier for new taxpayers as well as existing ones, who have not been paying appropriate taxes.

    According to the VAIDS office in the Federal Ministry of Finance, the first step for new taxpayers is to apply for a Tax Identification Number (TIN), which will be fast-tracked.

    Existing taxpayers are required to register for the scheme by filling the declaration form, obtainable from relevant tax authorities and available online.

    The relevant tax authority can help calculate a taxpayer’s liabilities.

    In addition, the VAIDS office has also provided training to professionals in tax advisory services to educate taxpayers on their obligations.

    READ: APC wins all 44 council seats, 484 councillor positions in Kano

    VAIDS, which provides a time-limited opportunity to regularize tax status, is open to every taxpayer liable to pay tax in Nigeria.

    “It covers Nigerian residents, who had taxable undeclared income outside Nigeria and non-residents, who earned undeclared income derived from or accruing from Nigeria,” explained the tax office.

    Those resident outside Nigeria can declare online or appoint an agent resident in Nigeria to declare on their behalf.

    The tax authority will, however, review tax information provided by declarers to ensure they are accurate.

    Information provided by declarers are confidential and strictly for use under the scheme.

    Those who fail to declare at the expiration of the window in 31 March will face a variety of sanctions, including payment of interests and penalties as well as prosecution.

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    Labour Party gives Peter Obi 48-hour ultimatum to resign

    Peter Obi reaffirms loyalty to Labour Party amid ADC coalition alliance

    July 7, 2025
    WAFCON 2024: Babajide pays tribute to Jota after scoring in Nigeria victory over Tunisia

    WAFCON 2024: Babajide pays tribute to Jota after scoring in Nigeria victory over Tunisia

    July 6, 2025
    SERAP urges Tinubu to probe alleged obstruction of NDDC audit report

    SERAP urges Tinubu to probe alleged obstruction of NDDC audit report

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    MURIC demands sharia courts, public holidays in Southwest on Fridays

    MURIC demands sharia courts, public holidays in Southwest on Fridays

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