We are pleased to present the October issue of SKP Global
Updates – our newsletter that covers employment, payroll,
Goods and Services Tax (GST)/Value Added Tax (VAT) and corporate
tax related developments globally.
The key highlights of this issue include Nigerian Income
Declaration Scheme, British Columbia budget updates 2017, key
highlights of the Dubai VAT law, and reduced VAT rates in
Switzerland.
Africa
Nigeria
Voluntary Assets and Income Declaration Scheme
(VAIDS)
Implementation of VAIDS has commenced from 1 July 2017 and will
continue through until 31 March 2018. The scheme is designed to
encourage voluntary disclosure of previously undisclosed
assets/income and paying for the outstanding tax liabilities. The
interest and penalties shall be waived off for taxpayers
participating in the scheme and making an honest declaration of
previously undisclosed income and assets, and will be immune from
prosecution and exempted from tax audits for the periods
