ARTICLE · 18 AUGUST 2017

Voluntary Assets And Income Declaration Scheme (VAIDS) Has Been Launched

PwC Nigeria

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Today 29 June 2017, the Acting President, Prof. Yemi Osinbajo, SAN formally launched the Voluntary Assets and Income Declaration Scheme (VAIDS).

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Introduction

Today 29 June 2017, the Acting President, Prof. Yemi Osinbajo, SAN formally launched the Voluntary Assets and Income Declaration Scheme (VAIDS). The Scheme will commence on 1 July 2017 for a period of 9 months.

VAIDS is an initiative designed to encourage voluntary disclosure of previously undisclosed assets and income for the purpose of payment of all outstanding tax liabilities.

The Scheme would be implemented by the Federal Inland Revenue Service (FIRS) in collaboration with all 36 State Internal Revenue Services and the FCT IRS.

Objectives

The main objective of the scheme is to increase the number of taxpayers in the tax net and raise revenue.

Specifically, to:

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