The President, Muhammadu Buhari, has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30, 2018 from March 31, 2018. Note that, no further extension of time will be approved after June 30, 2018. The VAIDS is one of the key policies being used by the Federal Government to reposition the Nigerian economy and correct inherited underdevelopment. It covers all federal and state taxes, including companies’ income tax, individual income tax, petroleum profits tax, capital gains tax, stamp duties, and tertiary education tax and offers a waiver of penalties, no prosecution of tax offenses and no tax audit. This tax amnesty had entered into force on July 1, 2017 for both individuals and corporations.
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