The federal government has said tax offenders stands to enjoy 29 per cent waiver on overdue taxes if they take advantage of the recently-launched Voluntary Asset and Income Declaration Scheme (VAIDS).
Mr. Abiodun Aina, Special Adviser to the Chairman, Federal Inland Revenue Service (FIRS), made this known in an interview with the News Agency of Nigeria (NAN) yesterday in Abuja.
He said the VAIDS programme aimed to reduce tax payers liability and create more awareness on the statutory function of every working citizen to pay tax.
“Usually tax offenders when caught are liable to pay their tax plus 10 per cent of the total amount as penalty fee and 19 per cent as interest making a total of 29 per cent.
“But if they take advantage of the VAIDS programme, they stand to save 29 per cent on interest and penalty on taxes they owe.
“The VAIDS programme offers a lot of benefit to tax offenders.
“They will no longer pay interest, they will not pay penalty, they will no longer be investigated and they will not be subjected to regular audit. They will also not face criminal prosecution,” Aina said.