VAIDS Is a Voluntary Program with Grave Consequences for Non-participation – If you don’t participate in the current Federal Government Voluntary Assets and Income Declaration Scheme as a taxpayer, one way or the other you will be made to face any of these consequences: treated as wilful tax evader, criminal prosecution ,“Name and Shame” displays, forfeiture of tax forgiveness, forfeiture of assets, denied instalment payments, and forfeiture of amended declaration to correct errors.
Voluntary Programme:
The idea of the Scheme is that it’s a voluntary programme. The decision to participate in this programme is yours. The FIRS take here is to give effective publicity to the program and encourage as many people as possible to take advantage of it.
VAIDS Is a Voluntary Program with Grave Consequences for Non-participation
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Is It Bad if I Don’t Participate?
Now go through these points.
(a) If you fail to take advantage of the Scheme and are later found to have under declared your income or assets you will be treated as a wilful tax evader. That means, you will face the full force of the law.
(b) FIRS has engaged on retainership, one of the world’s leading asset tracing and recovery firms who will track the true assets of those who have not participated but are believed to have underpaid their taxes – so you see that you will be traced.
(c) Then comes criminal prosecution, and recovery of taxes due with full penalties and interest.
(d) In addition, FIRS also plans a “Name and Shame” programme that will reveal the identities of tax evaders. Disgrace – Disgrace and Disgrace. My idea about this is that, considering Nigeria’s social and political laws, such people are politically disabled in this country.
(e) Furthermore, the Relevant Tax Authorities are in the process of profiling certain categories of non-compliant taxpayers for ongoing audits and investigations, in line with the tax compliance reforms.
You may now judge whether it is good or bad to participate in VAIDS.
VAIDS Is a Voluntary Program with Grave Consequences for Non-participation
The Way Out!
You are encouraged to make the most of the time-limited opportunity available under VAIDS to declare your incomes and assets, and pay outstanding tax liabilities to avoid the adverse consequences inherent in the tax enforcement processes to be implemented by the Relevant Tax Authorities at the end of the Scheme.
And After the Scheme, what else do I do?
You are expected to remain fully compliant with tax laws after the Scheme. It’s no joking matter, if you fail to remain compliant after the scheme you may be forced to forfeit the tax forgiveness granted under VAIDS and be liable to pay past liabilities in full. Do you know what that means?
There shall be no excuses like; What happens if I have no TIN and have never paid tax before? What if I do not know how much tax I am owing? Will I have to pay all the established liabilities at once? Will the tax authority still review the information filed?
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(i) The Tax Accountant will help you get your Tax Identification Number (TIN) in two hours, and;
(ii) With regard to how much tax you are owing, don’t worry, the tax accountant will do the tax calculations for you. He will only require accurate information from you, including how much you have already paid, so that there will be a net-off to arrive at your net tax liability. He will also process the payment and the tax filing for you.
(iii) Payments shall be made to the Relevant Tax Authority ( FIRS or SBIRS) quoting your full name and TIN as a reference. The bank will issue a receipt for the payment. Just get a tax consultant now with a click on this page.
(iv) One of the incentive windows available in VAIDS is that you will be allowed to enter into arrangements to pay outstanding tax liabilities in installments. You may, at the discretion of the relevant authority, be granted up to three years to pay the tax liability. But under this arrangement, you will be obligated to pay interest on the outstanding balance. That is still good.
(v) The tax authority will review the information supplied by the to ensure you are correct, so that you don’t need to be called back for audit after the exercise. This is only when If they are not satisfied you’re your returns completeness. They will only be asking for additional information.
(vi) If such incompleteness is found within the Scheme period, you can file an amended declaration if further tax liabilities are identified. But all of these must be made and received within the duration of VAIDS.
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In my earlier post, I reported that: VAIDS is a time-limited opportunity for you and every taxpayer to regularize your tax status relating to previous tax periods. No matter how long you have owed or underpaid your tax, VAIDS give you a time limit of 9 months effective from July first, 2017 to 31st March 2018 to regularize your tax payment discrepancies.
VAIDS Is a Voluntary Program with Grave Consequences for Non-participation
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Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.
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