Nigeria VAID Registration: Login app.vaids.gov.ng – Regularize Your Tax Status (Individual & Corporate)

The aim of the Nigerian Voluntary Asset and Income Declaration Scheme (VAIDS) is to provide taxpayers with a time-limited opportunity to regularize their tax status relating to previous tax periods and pay any taxes due.

     

     


    In exchange for fully and honestly declaring previously undisclosed assets and income, tax payers will benefit from forgiveness of overdue interest and penalties, and the assurance they do not face criminal prosecution for tax offences or tax investigations.


     

     

     

    The Scheme shall encourage and provide an opportunity for eligible taxpayers to:
    a. regularise their tax status for all the relevant years;
    b. pay all outstanding taxes;
    c. prevent and stop tax evasion; and
    d. ensure full tax compliance.

    How to register for VAIDS Tax Regularization Online

    Individuals or Corporate organizations can begin their VAIDS tax registration online via the portal (app.vaids.gov.ng )
    Select either Individual or Corporate and fill the details
    Note that a Tax Identification Number (TIN) will be required for registration. 

    ELIGIBILITY TO PARTICIPATE

    The Scheme is open to and targeted to all persons and entities that are in default of their tax liabilities in any way whatsoever, including those who:
    a. earn an income or own assets but are yet to register with the relevant tax authorities;

    b. are registered taxpayers who have additional disclosures to make or need to amend prior disclosures; and/or are registered but have not been filing returns;

    c. have not been fully declaring their taxable income and assets;

    d. have been underpaying or under remitting;

    e. are under a process of tax audit or investigation with the relevant Tax Authority; and/or

    f. are engaged in a tax dispute with the relevant Tax Authority but are prepared to settle the tax dispute out of court.

    REQUIREMENTS FOR VALID DECLARATION

    In order for an application pursuant to the Scheme to be valid, the following requirements must be met;

    a. the disclosures by the taxpayer should be voluntary;
    b. the disclosure must be full, frank, complete and verifiable in all material respects;
    c. the disclosure must be made using the Voluntary Asset and Income Declaration Scheme forms or in any other form or manner as may be prescribed under the Scheme; and
    d. the assessment of tax payable must be carried out by relevant tax authority.

    RELIEFS/BENEFITS

    Any taxpayer who truthfully and voluntarily declares his assets and income, complies with the regulations and guidelines and pays all outstanding taxes shall obtain the following benefits.:

    a. immunity from prosecution for tax offences;
    b. immunity from tax audit;
    c. waiver of interest;
    d. waiver of penalties; and
    e. option of spreading payment of outstanding liabilities over a maximum period of three years as may be agreed with the relevant tax authority.
    Provided however that the remission or waiver granted under these Regulations shall not prejudicially affect or invalidate any court order or judgment already obtained in respect of any default in payment of tax for which interest and/or penalty have already accrued.
    The reliefs referred to in paragraph six (6) above are available in respect of all taxes administered by the Federal Inland Revenue Service as well as those administered by all State Boards of Internal Revenue.

    CONSEQUENCES OF FAILURE TO COMPLY


    Failure of any defaulting taxpayer to truthfully and promptly take advantage of this Scheme shall at the expiration of the Scheme result in the following consequences:
    a. liability to pay in full, the principal sum due;
    b. liability to pay all interest and penalties arising therefrom;
    c. liability to be prosecuted in accordance with relevant extant laws for tax offences;
    d. withdrawal of any reliefs, which may have been granted to the participant;
    e. liability to undergo comprehensive tax audit; and
    f. any sum paid in relation to the Scheme may be counted as part payment of any further outstanding tax in respect of undisclosed information.

    CONFIDENTIALITY OF INFORMATION

    All information provided by the taxpayer under the Scheme shall be treated with utmost confidentiality in accordance with the provisions of the relevant laws save where it is stated otherwise.

     

     


    Any tax official or persons duly authorised to receive information under the Scheme who breaches the confidentiality of information received or exchanged under the Scheme without due authorisation or in breach of relevant laws shall be liable to prosecution under extant Federal and/or State Laws.



    From – VAID Executive Order

    tags;
    voluntary assets and income declaration scheme (vaids) Registration website – Regularize Tax Online. Vaid form executive order


     If you need updates on this information, Leave a comment below and include your email.

     

    Also share this information with friends if you think it was helpful and LIKE my Facebook Page.

     

       

      MIXTAPE || HIGHLIGHTS || COMEDY || CELEB GIST || EDUCATION || GOSPEL || Android Games ||


     

       

    Leave a Reply

    Your email address will not be published.

    three − three =