FG may extend tax amnesty

Minister of Finance Kemi Adeosun has disclosed that the Federal Government is considering a request from state governments and the private sector for an extension of the tax amnesty programme known as VAIDS. She made this known in a press statement released yesterday.

Reasons behind the plea

According to her, both parties had requested an extension due to the absence of declaration forms and the Easter holidays.

“The Federal Government is reviewing the numerous extension requests by the States and the private sector, which have cited some logistic challenges such as non-availability of the declaration forms in some states and the declaration of public holidays to commemorate Easter.”

What is VAIDS

Voluntary Asset and Income Declaration Scheme (VAIDS) was a nine (9) month providing a window of opportunity to allow taxpayers who owe taxes to voluntarily declare their Asset and Income from within and outside Nigeria; and pay taxes due on them while in return they get some benefits. The initial deadline expired this Saturday.