Nigeria's new source of revenue for economic growth

yinka ogunlami

September 18, 2017 5:01 PM

The money received from taxation is what is used to build infrastructure, generate employment opportunities and stimulate economic growth in most countries.

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 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.

To participate in this scheme visit the official VAIDS website: http://vaids.gov.ng/

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yinka ogunlami