Federal Government of Nigeria launches tax amnesty
The Acting President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo, on 29 June 2017 signed Executive Order No. 004 (“Order”) authorizing the Federal Ministry of Finance to set up a Voluntary Assets and Income Declaration Scheme (“VAIDS” or “the Scheme”) for all categories of taxpayers in default of taxes.
Any eligible taxpayer who fails to take advantage of the opportunity provided by the Scheme, shall upon its expiration, be liable to pay in full, the principal tax liability due, penalty and interest thereon. The taxpayer may also be subject of a comprehensive tax audit exercise and prosecution.
For further enquiries on the above, please contact: