Nigerian Government Extends VAIDS Compliance Deadline till June 30

Posted by African Examiner African News, Business News, Featured, Government Buz, Latest Headlines Wednesday, April 11th, 2018

ABUJA, NIGERIA (AFRICAN EXAMINER) – President Muhammadu Buhari has extended the compliance deadline to the Voluntary Assets and Income Declaration Scheme VAIDS till Wednesday, June 30 2018.

The extension was announced in a statement issued Wednesday in Abuja by the Special Adviser on Media and Publicity to Mr. President, Femi Adesina.

The statement indicated that the short extension after the initial March 31, 2018 timeline was based on the appeals by professional bodies and individual taxpayers.

While establishing that there would not be further extension, after the lapse of the new date, President Buhari explained that a new date was given, based on the conviction of the Ministry of Finance that the overall objective to increase compliance would be attained and additional revenue would accrue.

The statement added that a Fresh Executive Order would be made to give legal backing to the new timeline.

“For a nation of people who are competitive and driven, it is not a pride that we are the lowest performer in tax to GDP, not just in Africa, but in the world.

“Nigeria’s growth needs are such that every Nigerian must do his duty to his nation, to his neighbour, and to himself.

“Hiding monies overseas, evading taxes by manipulation and other unwholesome practices, have never developed a country and for Nigeria to attain her true potential, these must stop” Buhari maintained.

Meanwhile, President Buhari has appealed to Nigerian companies and individuals to join the Federal Government FG in the rebuilding mission, as well as aspire to do the right thing by taking the extension measure to regularize.

The President noted that the right thing might not be comfortable, yet, “but in the long run, we will all have a nation we can be proud of.”

Buhari also urged tax authorities to use the extension window to perfect plans to prosecute those who fail to regularize their tax status.

VAIDS, an initiative of the Federal Inland Revenue Service FIRS is one of the key policies and measures being used by the FG to reposition the Nigerian economy and correct inherited underdevelopment.

The scheme was launched in 2017 by the FG to serve as tax reprieve to transform the Nigerian tax administration as well as to provide sustainable funding for all tiers of government.