The Last Days Of VAIDS: Why Taxpayers Should Take Advantage Of The Amnesty Programme


 VAIDS is targeted at taxpayers:

  • Who have not been fully declaring their taxable income/assets;
  • Who have not been paying tax at all; and/or,

  • Who have been under-paying or under-remitting applicable tax.

 Essentially, some of the ways by which taxes are evaded and which the VAIDS is targeted at addressing include:

  • Manipulation of accounting records, usually by keeping two or more sets of books;

  • Willful non-declaration or underestimation of assets and income by high net-worth individuals especially in the informal sector;

  • Use of complex structures in transactions to deliberately evade taxes;

  • Non registration for Value-Added-Tax (“VAT”) or charging of VAT without remitting same to the FIRS;
  • Non-payment of Capital Gains Tax (“CGT”) on asset disposals.

 The types of taxes which VAIDS covers are:

  • Companies Income Tax;
  • Personal Income Tax;

  • Petroleum Profits Tax;

  • Capital Gains Tax;

  • Stamp Duties;

  • Tertiary Education Tax, and

  • All taxes administered by the FIRS as well as those administered by all State Boards of Internal Revenue (“SBIR”).