TAX defaulters have been advised to take advantage of the Voluntary Assets and Income Declaration Scheme, VAIDS, to avoid prosecution as well as other penalties before the end of the scheme on March 31.

Babatunde Fowler, chairman, Federal Inland Revenue Service, FIRS, at a one-day VAIDS workshop for professionals in tax advisory services, enjoined Nigerians to truthfully declare their incomes and assets under VAIDS.

VAIDS initiated by the federal ministry of finance aims to bring more Nigerians into the tax net and increase the country’s tax-to-GDP ratio from the meagre six per cent now. Tax compliance level in the country is one of the lowest in the world. The compliance level to GDP is six per cent.

According to the FIRS, VAIDS, which commenced in July 2017, is a time-limited opportunity for taxpayers to regularize their tax status relating to previous tax periods. In exchange for truthfully declaring incomes and assets, he added, taxpayers would be escape paying overdue interests, penalties and prosecution.

Realnews reports that the federal government will prosecute defaulters after the closure of the programme.

– Feb. 2, 2018 @ 12:39 GMT |