VAIDS: FG maintains stand on Saturday, March 31 deadline, promises benefits for compliance

- The federal government has said that it will not extend the fixed deadline of Saturday, March 31 for the Voluntary Assets and Income Declaration Scheme (VAIDS)

- Kemi Adeosun, the minister of finance, said that those who comply with the scheme, within the set period of grace would not be subjected to any investigation or tax audit

- She stated that those who are interested in the scheme will be given three weeks to openly declare their assets

Kemi Adeosun, the minister of finance, on Tuesday, March 6, said that there will be no extension of the Saturday, March 31 deadline of the Voluntary Assets and Income Declaration Scheme (VAIDS) set by the federal government.

Kemi said this in an interview at a live breakfast show tagged “Good Morning Nigeria” on the Nigeria Television Authority (NTA), the Punch reports.

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The VAIDS programme offers a grace period from July 1, 2017, to March 31, 2018, for tax defaulters to voluntarily pay their debt to the federal government.

As an incentive to full and honest declaration, the government promises to waive penalties that should have been levied and also waive the interest that should have been paid on overdue tax.

Furthermore, those who comply with the programme would not be subjected to any investigation or tax audit after the period of grace.

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The presidency has recently been under serious pressure by some former governors, top politicians, high profile individuals, business owners and professional bodies and others to extend the deadline.

But Adeosun maintained that the federal government would not extend the tax amnesty program. She said the presidency had been liberal enough by granting the nine-month period tax amnesty to tax defaulters. She added that those who are interested in the scheme will be given three weeks to openly declare their assets.

Meanwhile, Legit.ng reported Adeosun, on Thursday, March 1, said that the federal government was ready to prosecute, name and shame tax evaders that fail to utilise the tax amnesty programme, the Voluntary Assets and Income Declaration Scheme (VAIDS), to regularise their tax profiles.

Legit.ng gathered that she also disclosed that the federal government would strictly adhere to the confidentiality of the automatic exchange of financial account information in tax matters, in line with the guidelines of the Organisation for Economic Cooperation and Development (OECD).

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Source: Legit.ng