VAIDS Relies On Tax Accountants for Public-Awareness – FG declares “Tax Thursday” to create tax awareness. Nigerian government to grant amnesty to defaulting voluntary tax payers. The VAIDS revolution gathers momentum and VAIDS appeals to taxpayers “Regularize Your Tax Status”, full information on VAIDS website www.vaids.gov.ng.
THE ROLES OF THE TAX ACCOUNTANT
Table of Contents
Tax accountants are going to play vital role in the current application and implantation of Voluntary Assets and Income Declaration scheme (VAIDS) in Nigeria. This is true to the fact that many tax payers are not yet aware of how to go about their tax obligations. When such questions as the following come up, then you know that the tax accountant should come to your aid.
VAIDS RELIES ON TAX ACCOUNTANTS FOR PUBLIC AWARENESS
This post is created to address such questions by you, and other tax payers. It’s also meant to create the awareness on the tax practitioners who may not know how much VAIDS depends on them.
One first question the tax accountant should answer the tax payer is: How do I pay the tax due under the Scheme?
Please, you should take the following steps:
- Get a tax consultant on your side.
- Make your accounting/assets/income records ready
- Know the relevant tax authority to pay the tax type. All taxes paid under the Scheme are to be collected by the relevant tax authorities including the FIRS and SBIRS, depending on the type of tax in issue.
- Make your payments either online or through the bank. Payments should be made to the Relevant Tax Authority quoting your full name and TIN as a reference. The bank will issue a receipt for the payment.
- Create a VAIDS account for yourself/company
- Fill the VAIDS participating form
VAIDS RELIES ON TAX ACCOUNTANTS FOR PUBLIC AWARENESS
Click here to get a tax Accountant/Consultants
As to whether you will have to pay all the established liabilities at once. Take note of this!
- If you don’t have the cash at the moment but have avenue for getting the fund, you will be allowed to negotiate with the tax authority on how you will be able to pay the whole tax due
- At the discretion of the relevant tax authority, you may be granted up to three years to pay such tax liability. But then whatever balance left at this negotiation will attract interest.
Your next question is like: What if I do not know how much tax I am owing? This has a common solution – get a tax consultant, he is educated on this.
- Once you register for VAIDS by filing the Declaration form, agents of the Relevant Tax Authority can help you to calculate your tax liability.
THE TAX AWARENESS
VAIDS depend on tax accountants for this programme and that is why it’s providing extensive training to legal advisers, tax accountants and other professionals to ensure that taxpayers fully understand their obligations under Nigeria’s tax laws.
VAIDS RELIES ON TAX ACCOUNTANTS FOR PUBLIC AWARENESS
Click here for the relevant recruitment information
Duties of Tax Accountants:
These include services indicated to solve or work out the following:
- Tax liability computations,
- Which taxes are payable and period covered,
- The time for payment,
- Where to pay,
- Which tax authority to pay to,
- Relevant laws, regulatory bodies, and professional standards,
- And relevant penalties ( if defaulted)
- Relevant incentives and how to claim them,
- When, why, and where to make objections, etc.
- Tax counselling
- Tax management
- Obtaining necessary tax certificates for clients
- Answers clients tax queries.
- And More.
For Further Information
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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.
