Frequent & Common Questions on Nigeria’s VAIDS

Frequent & Common Questions on  Nigeria’s VAIDS

Frequent & Common Questions on  Nigeria’s VAIDS – there are frequently asked question about VAIDS. But these are specific questions about VAIDS. Some of these questions are: What types of Taxes will be covered?  Which period of default will be covered by the scheme?

Others are; Who is entitled to participate in the scheme?  Are individual taxpayers the only participants in the Scheme? Can companies make declarations as well? Where can one get information about VAIDS? What are the legal implication of not participating in VAIDS? How will VAIDS help improve Nigeria's Tax- GDP Ratio

These are the questions that this post is poised to answer. If your interest is in any of these questions, this post is for you. Generally speaking, this post is for all tax payers and all  men and women who are involved in tax matters globally, as tax officials, tax consultants and tax students.

Frequent & Common Questions on  Nigeria’s VAIDS


Frequent & Common Questions on  Nigeria’s VAIDS

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(1) What types of Taxes are covered?

The Scheme is  covering all Federal and State taxes such as Companies Income Tax (CIT), Personal Income Tax (PIT), Petroleum Profits Tax (PPT), Capital Gains Tax (CGT), Stamp Duties, Tertiary Education Tax(TET).

You need to know all about all of these types of taxes. If you need my help in explaining to you how they work or how to calculate then and process/file them with the relevant tax authority, call me on +234 8034347851 or e-mail me through cfmclimited@gmail.com

(2)  How long  will this scheme cover?

While the statute of limitations for a tax audit for honest returns is limited to six years, there is no limit where a fraudulent return has been submitted. Tax investigation has no limit.

A condition of VAIDS is that tax payers will declare fully and honestly. It’s like confessing your sins before your imam or pastor, don’t hide anything. You have three years to pay off all the taxes accrued. So you need not worry.


Frequent & Common Questions on  Nigeria’s VAIDS

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(3)  Who Are the  participants in the scheme?

VAIDS is open to all of you who are in default on tax liabilities. The Scheme is specifically targeted at taxpayers who:


  • have not been fully declaring their taxable income/assets;
  • have not been paying the tax due at all and or
  • have been underpaying or under remitting
It does not matter whether the relevant tax default arose from undeclared assets within or outside the country. VAIDS is providing you  a once in a lifetime opportunity to declare the tax outstanding and resolve it definitively.

(4) Are individual taxpayers the only participants in the Scheme?

No. The scheme covers every aspect of tax type. See item number one.

(5) Can companies make declarations as well?

Yes.

The Scheme covers all taxable persons and entities including individuals, trusts, executors, registered companies and statutory companies.


Frequent & Common Questions on  Nigeria’s VAIDS

Read also: How VAIDS will help the economy

(6) Where can one get information about VAIDS?

VAIDS has a dedicated website as www.vaids.gov.ng.
Further information can be obtained from the information unit of the Federal Inland Revenue Service (FIRS), various State Boards Internal Revenue Services(SBIRS).

(7) How long will VAIDS last?

The Scheme is expected to last for 9 months only from 1st July, 2017 to 31st March, 2018. VAIDS announces that there will be no renewal or extension, once the scheme period has expired all remaining tax defaulters who have not taken advantage of its will face the full force of the law.

For Further Information

If you need us to help you with more updates  about VAIDS implementations , kindly provide us your contact email address on our Follow By email platform on this page.

 Also, feel free to ask any question pertaining to this guide via our comment box. I will make efforts to answer every question to your satisfaction.

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Frequent & Common Questions on  Nigeria’s VAIDS

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