Have your read VAIDS in Nigeria – Regularized tax status?
Table of Contents
- 1 WHAT WILL BE MY OBLIGATIONS AFTER SUCCESSFUL DISCLOSURE?
- 2 HOW WILL I KNOW HOW MUCH I’M OWING?
- 3 WHERE CAN I GET FURTHER NEWS ABOUT VAIDS?
- 4 HOW DO I PAY MY TAX?
- 5 WHAT IF I DON’T HAVE TIN?
- 6 IS THERE REVIEW OF FILED INFORMATION ON VAIDS IN NIGERIA?
- 7 IS THERE ROOM FOR ANONYMOUS DECLARATION?
- 8 WHAT IS MY ASSURANCE THAT MY DISCLOSED PERSONAL DATA WILL NOT BE USED AGAINST ME?
- 9 WHEN CAN I GO FOR DECLARATION FOR VAIDS IN NIGERIA?
- 10 7 FACTS TO KNOW ABOUT VAIDS IN NIGERIA
WHAT WILL BE MY OBLIGATIONS AFTER SUCCESSFUL DISCLOSURE?
Taxpayers will be expected to remain totally obedient to tax laws following the Scheme, failing to do that, which, they may be compelled to forfeit the tax pardons entitled to under VAIDS and be liable to pay past liabilities in full again.
HOW WILL I KNOW HOW MUCH I’M OWING?
As soon as you register for VAIDS after filing the form for Declaration, it becomes the duty of the agents of the Relevant tax authority to help you to calculate your tax liability. VAIDS will also be giving informative, educative and appropriate training to legal advisers, tax accountants and other professionals to ensure that tax payers really grab what their obligations underNigeria’s tax laws are.
WHERE CAN I GET FURTHER NEWS ABOUT VAIDS?
Further information can be gotten from the information units of the Federal Inland Revenue Service (FIRS), various
State Boards Internal Revenue Services (SBIRS) and their official website of the scheme at www.vaids.gov.ng.
HOW DO I PAY MY TAX?
All remitted taxes under the program will be collected by the relevant tax authorities including the FIRS and SBIRS, depending on which tax category in focus. For the sake of references, ensure you make your payments to the right tax officer, write your name in full and TIN as well. Then receipt for your payment will be given to you by the bank.
WHAT IF I DON’T HAVE TIN?
Registration for a Tax Identification Number would be the number one thing for those who have never paid tax. Their applications for a TIN will be done quickly.
IS THERE REVIEW OF FILED INFORMATION ON VAIDS IN NIGERIA?
Yes, of course. The tax authority will review the information filed by the taxpayer. If there are omissions or incompleteness or falsity in the file, you will be required to complete it or amend it. Indeed, The relevant tax authorities are given power by specific provisions of the relevant tax laws to require participants of the tax to produce any book, document, account, returns and other records. Within the Scheme period, an applicant can file an amended declaration if further tax liabilities are identified. Notwithstanding, all information must be
received within the duration of VAIDS.
IS THERE ROOM FOR ANONYMOUS DECLARATION?
No! Declaration cannot be made with anonymity. For any taxpayer to get clearance, he must have disclosed rightly and should have made payment in his ownbname or that of his company as the case may be. Tax declarations are however treated with confidentiality by the tax authorities. No information regarding taxpayer will be let out.
WHAT IS MY ASSURANCE THAT MY DISCLOSED PERSONAL DATA WILL NOT BE USED AGAINST ME?
The confidentiality of the information you provide under the Scheme is undoubtedly assured. Provisions for safety of every details a taxpayer provided to the tax authority have been set up, regarding the personal life of the tax payer to be kept strictly as undisclosed information, and will not be made known to any third party other than in agreement with extant provisions of relevant laws of VAIDS.
Have your read Tax Expectations in 2018?
WHEN CAN I GO FOR DECLARATION FOR VAIDS IN NIGERIA?
But it must be done before on 31st March, 2018. Failure to do it before that day may result in disobedient to relevant authorities and the necessary punishment will be meted on any individual or organization that falls victim of the known fact.
7 FACTS TO KNOW ABOUT VAIDS IN NIGERIA
1. A high-ranking team comprising tax researchers has been set up to collaborate with the Federal Ministry of Finance on Project Lighthouse on a project which is aimed at collating data from different authorities and sources in order to know the level at which Nigerians comply with tax laws. The project was flagged off in 2016.
2. Statistics showed that there is a total population of 69.9 million eligible taxpayers who make steady income but out of them all, only 14 million are active tax payers. 96% out of this total number pay their taxes through automatic Pay As You Earn (PAYE) method and 4% only are loyal payers who pay without being coerced
3. Further research revealed just 214 Nigerians remit taxes worth N20 million upward every year, and they all came from Lagos State,while less than 1,000 people pay taxes up to N10 million and above. Only two out of these people are not Lagos State residents.
4. N-Power scheme, which was established under the umbrella of The Federal Ministry of Finance is working on recruiting 7,500 Community Tax Liaison Officers (CTLOs), who will undergo training to sensitize and enlighten the general public on the need to pay taxes and how the structure of the Nigerian tax law works.
5. Every Thursday has been officially declared a #TaxThursday by the Federal Government and it took effect on the 29th of June, 2017, so every taxpayers in Nigeria are expected to observe this weekly routine to get enlightened on tax laws.
6. Nigeria has joined the league of the new world standard initiative called “Automatic Exchange of Information (AEOI)” that started in 2018.
7. As soon as the deadline for VAIDS has passed, the Federal Government will proceed to arrest and prosecute tax evaders who flouted the law and rejected the opportunity to be part of the assets and income declaration program.
You can also read this post on Everything on VAIDS in Nigeria.
Need further questions on VAIDS in Nigeria and all information on declaration and disclosure? Send an email to [email protected]