Monday, February 26, 2018 / 04:35
PM / FIRS, Tunde Fowler
Economies and Great Nations, Prosperity and Abundance of Nations and
Communities are Created by Men not Spirits.” - Vice President, Federal
Republic of Nigeria Prof. Yemi Osinbajo SAN GCON
tiers of Government Require Revenue to Provide Infrastructure for
- Oil being the Major Source of Revenue in the Past
- Need for Diversification of the Economy and Growth of Non-Oil Tax
- Private Sector Significantly Drives the Economy
between Voluntary Tax Compliance and Economic Growth/Development
What is VAIDS?
VAIDS is an
acronym for Voluntary Assets and Income Declaration Scheme. It is a project
initiated by the Federal Government of Nigeria which is aimed at providing an
opportunity for corporate and individuals to regularize their tax status
relating to previous tax periods.
scheme, taxpayers were given the opportunity to benefit from total waiver of
outstanding and overdue interests and penalties. They also stand be the
beneficiaries of the assurance that they will not face criminal prosecution for
tax offences or be subjected to further tax investigations.
from the scheme, taxpayers will be required to fully and honestly declare
previously undisclosed assets and income.
to raising tax revenue for the period of its operation, VAIDS will
provide an opportunity to increase general tax awareness and compliance among
the general public.
Important things to know about VAIDS
is a time limited opportunity.
taxes (Federal and State) are Covered
to three (3) Years Instalment Plan subject to agreement with Revenue
motivation for introducing the scheme is that in spite of the fact that Nigeria
has some of the most profitable and well capitalized companies in Africa, the
tax remittance rate is still low.
low tax revenues are inconsistent with the lifestyles and spending habits of a
large number of citizens. Many are engaged in transfer of assets overseas, use
of offshore companies in tax havens and registration of assets in nominee
is a significant challenge. Some of the ways in which it is perpetrated are:
of accounting records
- Use of complex structures for transactions
- Non registration for VAT and non remittance after charging
- Non payment of CGT on assets disposal
detection of income due to lack of machinery for tracing such
to the Joint Tax Board, there were only 14 million taxpayers in Nigeria as at
May 2017, compared to an estimated 69.9 million economically active people
while our tax to GDP ratio is rather poor at 6%.
Practical Guidelines for Participating in VAIDS
The Benefits of VAIDS
– 45 Days Window (4th October 2016 – 25th November 2016)
Beyond VAIDS - THE TAX MAN KNOWS YOU!
Project Lighthouse – The Ministry of Finance in collaboration with
Relevant Tax Authorities is building a revenue assurance platform through the
rigorous gathering of data from a wide range of sources including:
- Bank Verification Numbers (BVN)
- Nigerian Financial Intelligence Unit
- Corporate Affairs Commissions (CAC)
- Land Allocation and Land Ownership Records
- Foreign Exchange Allocation Returns and
Bureau De Change (BDC) Records
- Central Securities Clearing System (CSCS)
Share Ownership Records
- Information from Foreign Governments and
Automatic Exchange of Information for Tax Purposes – Nigeria being a
signatory to the Multilateral Competent Authority Agreement of the OECD, will
start exchange of financial information with over 100 jurisdictions under the
Common Reporting Standards by the end of 2018.
Your Obligations as Members of IODs
Initiatives & Strategies for achieving 2018 Tax Revenue Collection
Generation Of People Owe The Next Generation A Debt. This is Paid By Ensuring
That We Provide Means For The Next Generation To Survive.” - Vice
President, Federal Republic of Nigeria Prof. Yemi Osinbajo SAN GCON
It is a
known fact that the decline in oil revenue contribution since 2014 to date has
had an adverse effect on the ability of the country to meet her development
therefore act fast now. As Chairmen, Directors and CEOs, we owe the next
generation a debt. We must contribute to the survival of the next generation by
performing our civic duty of simply paying our taxes. We believe that if
everyone of you comply along with your companies, we will indeed take care of
our generation and the generations to come.
This is a
call for everyone to take advantage of VAIDS. We all should make sure that this
opportunity does not pass us by, as truthful voluntary tax compliance is our
own contribution towards the development of Nigeria.
- VAIDS: We have collected N20bn out
of the target N305bn - Tunde Fowler
- The Deadline for Tax eVAIDers
- Executive Order on the Voluntary Assets and Income
Declaration Scheme (VAIDS)
- FG declares every Thursday, Tax enlightenment day as
it launches #VAIDS
- N254.10bn Generated as VAT in Q4 2017 – NBS
- Label tax evasion,malpractices by MNCs as foreign
corrupt practices, Adeosun tells OEDC, World Bank
- Taxes, Jobs key to inclusive growth in Nigeria-Kale
- Nigeria, Foreign Countries Share Data on Overseas
Bank Accounts, Property Owned By Nigerians
- National Tax Policy Implementation Committee
Presents Report on Tax Law Reforms
- The Challenge of Taxing the Informal Economy