Legal Dilemmas

By Ehiwe O. Sam, Esq. On the 29th of June 2017, the vice president, then as Acting President formally launched the Voluntary Assets and income declaration scheme (VAIDS). The scheme which is designed to have a life span of 9 months officially commenced on the 1st of July 2017. The implication of this is that the scheme is scheduled to end on the 31st of March 2018. It is important that investors and taxpayers clearly understand what this scheme is all about and what is to happen at the expiration of the scheme on the 31st of March 2018. The VAIDS is a scheme designed to encourage voluntary disclosure of previously undisclosed assets and income with the intent that after such disclosure the taxpayer would make payments of all outstanding tax liabilities. The VAIDS is being implemented by the Federal Inland Revenue Service in collaboration with the state Inland Revenue services. This scheme is coming up at a time when the country’s tax to GDP ratio has dropped so low to a pa