Take Advantage ofVAIDS, FIRS UrgesTaxpayers

The Federal Inland Revenue Service (FIRS) has advised taxpayers in the country to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS) that was introduced by the government recently.

The Executive Chairman, FIRS, Mr. Tunde Fowler, said this in a presentation yesterday, at the ongoing Lagos International Trade Fair.

Fowler was represented by the FIRS State Coordinator, Lagos Island, Mr. Cyracus Ikechi.

The VAIDS commenced on 1 July 2017 and is expected to last for a period of nine months. VAIDS is an initiative designed to encourage voluntary disclosure of previously undisclosed assets and income for the purpose of payment of all outstanding tax liabilities.

Fowler said: “We are encouraging businesses and individuals to take advantage of the VAIDS, a time given for taxpayers to pay up.

“We urge you all to take advantage of this, especially as the scheme begins to wind down. By the end of January 2018, the scheme would wind down. Effectively, that of interest waiver will end next month.”

According to him, the federal government has put in place several incentives to ensure that Nigerians pay their taxes. In addition, he said the government has also taken steps to lighten the burden on tax payers -individuals and corporate bodies.

“Working under the auspices of the Joint Tax Board, we continue to advocate for the simplification and streamlining of processes in payment of taxes at the states and local government levels.

“We have also reviewed our operational guidelines such that tax payers can file tax returns online, from the comfort of their homes or at any of our offices that is convenient for them,” he added.