VAIDS: Nigeria Outlines Process for New Taxpayers


Enterprise Television- VAIDS: Nigeria Outlines Process for New Taxpayers

The Federal Ministry of Finance has explained the process of participation in the Voluntary Assets and Income Declaration Scheme (VAIDS) to new taxpayers, as well as to existing ones not paying appropriate taxes.

According to the VAIDS office in the ministry, the first step for new taxpayers is to apply for a Tax Identification Number (TIN), which it assured would be fast-tracked. Existing taxpayers are required to register for VAIDS by filling the declaration form, obtainable from relevant tax authorities and available online.

A statement from the office said the relevant tax authority can help calculate a taxpayer’s liabilities. In addition, the VAIDS office has also provided training to professionals in tax advisory services to educate taxpayers on their obligations.

VAIDS, which provides a time-limited opportunity to regularise taxstatus, is open to every taxpayer liable to pay tax in Nigeria, the release informed.

“It covers Nigerian residents, who had taxable undeclared income outside Nigeria, and non-residents, who earned undeclared income derived from or accruing from Nigeria,” explained the VAIDS office.

Nigerians resident outside the country, it stated, can declare online or appoint an agent resident in Nigeria to declare on their behalf.