The Voluntary Asset and Income Declaration Scheme (VAIDS) was launched in July 2017 by the Federal Government. The scheme granted a 9-month amnesty period to all defaulters to voluntarily declare their assets and income within and outside Nigeria for the purpose of ascertaining their outstanding tax liability or face criminal prosecution at the expiration of the grace period.
The 9-month amnesty period is expected to expire on 31-March-2018. And the Federal Government has vowed not to extend the deadline.
Nigeria Tax/GDP ratio is lowest in the world at 6% (compared to 15-30% for peers). Thus, the Scheme provides a one-time opportunity for defaulters to regularize their tax status relating to previous tax periods; pay all outstanding taxes and prevent/stop tax evasion.
