For over 15-months, highly qualified agents of the federal ministry of finance have worked with the banks, Nigeria Financial Intelligent Unit (NFIU), bureau de change (BDCs), Corporate Affairs Commission (CAC), to monitor the degree of tax compliance of many celebrities and high net worth individuals.
The result is the creation of Voluntary Asset and Income Declaration Scheme (VAIDS) to broaden the country’s tax base and offer incentives for tax evaders.
With this, the federal government allows celebrities and other Nigerians to declare their assets and income, and pay necessary taxes without interest, penalty or investigation. The scheme which will run for nine months, is a grace period for celebrities to make amends or face the full wrath of the law, which could include jail term of up to five years.
The categories of people affected by the new law are:
Full time employee with multiple income sources
Company with understated revenues
Use of offshore tax shelters uncovered
Lifestyle inconsistent with tax payments
High net worth family with complex tax situation
Retiree with unexplained assets
See all the details about the VAIDS HERE