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. Ā It covers all federal and state taxes, including companiesā 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.
«
Turkey: Law 7103 publishes with various tax measures
Belgium: Advance payment notice for 2018
»
Related Posts

Nigeria: House keeps corporate tax at 30% and VAT at 7.5%
Nigeriaās House of Representatives has approved and adopted the recommendations of its Committee on Finance, which retains the value added tax (VAT) rate at 7.5%. The previous proposal was to increase to 12.5%, which was set for 2026. The House
Read More
Nigeria to launch pilot phase of e-invoicing system
Nigeriaās Federal Inland Revenue Service (FIRS) has initiated a stakeholder engagement on 18 February 2025 with large taxpayer groups to prepare for the upcoming pilot phase of the Merchant Buyer Solution, an e-invoicing system scheduled to launch
Read More
Nigeria suspends 4% Free On-Board value charge on imports
Nigeria's Federal Ministry of Information and National Orientation, in a release, from the Nigeria Customs Service on 11 February 2025, announced the suspension of the 4% charge on the Free On-Board (FOB) value of imported goods. The charge had
Read More
Nigeria approves 15% tariff hike for Nigerian ports services
Nigeriaās Federal Government in a press release on X has approved a 15% tariff increase on Nigerian Ports Authority (NPA) services. This tariff increase applies to all rates and dues. The NPA explained the 15% upward increase is aimed at the
Read More
Nigeria approves 50% telecom tariff increase
The Nigerian Communications Commission (NCC) has approved a 50% increase in telecommunication service tariffs on 20 January 2025. The tariff hike, capped at a maximum of 50% of current tariffs, is a response to the telecommunication operators,
Read More
Nigeria: President presents 2025 budget
The President of Nigeria, Bola Ahmed Tinubu, presented the 2025 Budget titled āThe Restoration Budget: Securing peace, Rebuilding prosperityā during a joint session of the 10th National Assembly on 18 December 2024. The budget is a record high
Read More