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Nigeria Launches Tax Amnesty

by Lorys Charalambous, Tax-News.com, Cyprus

07 July 2017


Nigeria launched a new tax amnesty for companies and individuals on July 1.

The amnesty offers taxpayers a waiver of penalties and interest and a guarantee they will not prosecuted.

For a period of nine months, taxpayers can regularize their affairs and make good any taxes owed, in return for the concessions.

The Voluntary Asset and Income Declaration Scheme (VAIDS) covers taxpayers that have failed to file the required documentation, failed to register, or failed to fully report income. It is open also to those who are currently the subject of an investigation or tax audit and those disputing a tax assessment before the courts, subject to an out-of-court settlement being agreed.

TAGS: individuals | tax | business | value added tax (VAT) | Niger | Nigeria | tax avoidance | corporation tax | penalties | individual income tax | Tax | Tax Evasion

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