CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Nigeria Extends Amnesty To June 30

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.

TAGS: compliance | tax | Niger | Nigeria | interest | audit | penalties

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



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 »