From the articles


The National Executive Council [NEC] recently approved in principle, the implementation of a Voluntary Assets and Income Declaration Scheme (VAIDS).

The Scheme is expected to come into effect from May 2017 once formal guidelines have been issued.

The Scheme encourages voluntary disclosure of previously undisclosed assets and income for the purpose of payment of all outstanding tax liabilities. The Scheme will offer a limited waiver for declaration within the specified period of time. While the key objective is to increase government internal revenue, this will also curb non-compliance with tax laws and discourage financial flow and tax evasion. This drive covers all forms of taxes that are due both to Federal, State and Local Governments.

Any taxpayer who fails to embrace the voluntary disclosure Scheme will be investigated and if found culpable will be prosecuted in addition to full payment of tax due including penalty and interest.

WAYFORWARD: Individuals should look closely at their attitude to tax compliance and take a decision. If your attitude is to evade tax ( deliberate attempt not to comply or manipulate your books), you may need to rethink. For those who want to comply but want to avoid tax (paying minimum tax to their advantage) within the ambit of the law, then you need some tax education and guidance.

Conclusively, Businesses need to be more dutiful with regards to keeping their finances, because it is on the basis of your records that taxes are paid and to enjoy minimum taxes, your books must be in order. In the end, between you and the government, it will be a WIN-WIN. I think a WIN-WIN is what every business owner should work at.

See full text of the Executive Order in the below:
Full Text of Executive Oder