April 12, 2018
The Federal Government has extended the deadline for the Voluntary Assets and Income Declaration Scheme (VAIDS or ‘the Scheme’) to 30 June 2018. The Scheme provides a platform for non-compliant taxpayers to make honest declarations to the tax authorities and pay the required taxes in exchange for a waiver of accruing interests and penalties.
The Scheme which was launched in July 2017 was initially scheduled to run for a nine-month period that elapsed on 31 March 2018. However, following appeals from professional bodies and individual taxpayers, the President announced an extension of the Scheme to 30 June 2018 on Wednesday, 11 April 2018.
The President also stated that a fresh Executive Order will be issued to give legal backing to the new timeline while noting that there will be no further extension beyond 30 June 2018.
The extension of the Scheme is a welcome development as it will provide taxpayers additional time to benefit therefrom while increasing Government revenue. Thus, it is important for taxpayers to engage their tax consultants to assist them review their tax records in regularising their tax affairs.