According to an announcement from the Finance Ministry, a new tax amnesty called the Voluntary Assets and Income Declaration Scheme (VAIDS), entered into force on July 1, 2017 for both individuals and corporations. The amnesty aims to raise tax awareness and increase tax compliance. It gives a nine month timeline for taxpayers to regularize their tax position with the federal and state governments without being liable to any tax penalty or facing prosecution for default. The amnesty offers a waiver of penalties, no prosecution of tax offenses and no tax audit. The tax amnesty continues from July 1, 2017 to March 31, 2018.
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