Nigeria Extends Amnesty To June 30
by Lorys Charalambous, Tax-News.com, Cyprus
17 April 2018
Nigeria's President, Muhammadu Buhari, has confirmed a final extension to the country's Voluntary Assets and Income Declaration Scheme (VAIDS) until June 30.
The amnesty offers a waiver of penalties and interest on unpaid tax and a guarantee that taxpayers will not be prosecuted or subject to tax audits.
It was launched to encourage voluntary compliance, as Nigeria's tax-to-GDP ratio is a meagre six percent.
The Government has warned that tax evasion can result in five years' imprisonment and penalties of up to 100 percent of the tax due and compound interest of 21 percent each year.
The amnesty had expired on March 31, 2018.
To see today's news, click here.
Tax-News Reviews
A review and forecast of Cyprus's international business, legal and investment climate.
A review and forecast of Malta's international business, legal and investment climate.
A review and forecast of Jersey's international business, legal and investment climate.
A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »
Network Blogs and Features
- Digital Take Center Stage... »
- Budgets Bypass Manifestos, Manifestly »
- Reforms Continue Apace... »
- LLC vs Corporation - All You Need to Know »
- A Mixed Bag of Swiss Rolls and VAT Selection Packs... »
- A Flurry Of Activity »
- Tinkering Behind The Scenes »
- Why choose Hong Kong for starting an Online Business? »
- Hong Kong International Focus »
- Political Declarations & Future Relationships »