Taxes are a major source of a nation’s revenue. The money received from taxation is what is used to build infrastructure, generate employment opportunities and stimulate economic growth in most countries.
Nigeria's new source of revenue for economic growth
The money received from taxation is what is used to build infrastructure, generate employment opportunities and stimulate economic growth in most countries.
Nigeria however is still staggering in its development because most Nigerians do not regularize taxes. In a bid to change this, the Federal Government has launched VAIDS (Voluntary Assets and Income Declaration Scheme).
The scheme allows individuals to voluntarily declare and disclose previously untaxed assets or income and also regularize outstanding tax liabilities without the usual penalties and interest charges. The scheme, which started on the 1 of July and runs till March 31, 2018, is in two phases.
The first phase is quite lenient as tax payers receive immunity from penalties and interest charges. In the second phase, individuals will have to pay interest charges on overdue tax balances. Once the scheme is over, there would be no form of amnesty for any tax evaders that fail to join this scheme so it is important for all Nigerians to declare and pay taxes on all forms of income they earn.
ADVERTISEMENT
To participate in this scheme visit the official VAIDS website: http://vaids.gov.ng/
This is a featured post.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Immigration places wanted Yahaya Bello on watchlist, unveils his passport details
Oyo govt justifies demolition of Yoruba Nation agitators’ building
NAFDAC raids popular supermarket in Abuja for selling counterfeit products
Iranian morality police crack down on women who don't wear headscarves
FG sets up committee to compensate landowners affected by Lagos-Calabar road project
Kano Gov remains a bona fide member of our party - NNPP debunks suspension
We need ₦3.2trn to pay electricity subsidy in 2024 - FG
Tinubu's proactive approach to security threats yielding results, Ribadu claims
You will not walk alone - Gov Oyebanji assures late APC chairman’s family
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT