Global Expansion Update

AFRICA

NIGERIA

Extension to VAIDS

The Federal Government of Nigeria has announced the extension of the deadline for filing returns under the Voluntary Assets and Income Declaration Scheme (VAIDS). The scheme, which was to originally run from 1 July 2017 to 31 March 2018, has now been extended up to 30 June 2018.

The scheme provides relief from penalties and interest on outstanding tax liabilities on previously undeclared income and assets for the assessment period of 2011 to 2016, as well as immunity from prosecution. This includes all federal and state taxes, including Companies' Income Tax, Personal Income Tax, Petroleum Profits Tax, Capital Gains Tax, Stamp Duties, and Tertiary Education Tax.