{"id":15119,"date":"2017-07-14T17:51:41","date_gmt":"2017-07-14T17:51:41","guid":{"rendered":"http:\/\/newsroom247.com.ng\/?p=15119"},"modified":"2017-07-14T17:51:41","modified_gmt":"2017-07-14T17:51:41","slug":"voluntary-assets-income-declaration-scheme-an-opportunity-for-nigeria-companies-to-regularize-their-tax-affairs","status":"publish","type":"post","link":"http:\/\/newsroom247.com.ng\/?p=15119","title":{"rendered":"VOLUNTARY ASSETS, INCOME DECLARATION SCHEME: AN OPPORTUNITY FOR NIGERIA COMPANIES TO REGULARIZE THEIR TAX AFFAIRS"},"content":{"rendered":"<p>Nigerian companies and entrepreneurs that don\u2019t have their tax affairs in order should act now to take advantage of the government\u2019s\u00a0Voluntary Assets and Income Declaration Scheme (VAIDS)\u00a0(https:\/\/VAIDS.gov.ng), says\u00a0Magnus Nmonwu\u00a0(https:\/\/Twitter.com\/mnmonwu), Regional Director for Sage West Africa (www.Sage.com). The scheme runs from 1 July 2017 to\u00a0<span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1350281416\"><span class=\"aQJ\">31 March 2018<\/span><\/span>.<\/p>\n<p>It gives taxpayers an opportunity to voluntarily declare all previously undisclosed assets and income, and thereby regularise their affairs. VAIDS applies to all taxpaying entities (individuals, companies, executors, trusts, partnerships and so on) and encompasses most tax categories, including company income, personal income, capital gains, VAT and stamp duty.<\/p>\n<p><code><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- www.deltanewsroom.com --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/code><\/p>\n<p>Implemented by the Federal Inland Revenue Service (FIRS) in collaboration with the State tax authorities, the scheme aims to increase Nigeria\u2019s tax base, improve the tax collection to GDP ratio and clamp down non-compliance, says Nmonwu. \u201cThis is a perfect opportunity to come clean for people and companies who have under-declared or failed to declare their assets and income,\u201d he adds.<\/p>\n<p>\u201cWhen the window closes on\u00a0<span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1350281417\"><span class=\"aQJ\">31 March<\/span><\/span>, companies and individuals that do not have their tax affairs in order may be subject to stringent penalties, punitive interest and even criminal prosecution. They may be named and shamed in a register of tax evaders, harming their personal and business reputations.\u201d<\/p>\n<p>Nmonwu says that the first step to compliance is getting your business\u2019s books in order, irrespective of whether you\u2019re running a registered company, earning freelance income or working in a partnership. The right accounting and payroll software can make it simpler to report accurately on revenue and expenses and to streamline tax submissions.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.alternativeadvert.com\/show.php?z=30&amp;pl=13732&amp;ad_type=59&amp;rl=180\" width=\"300\" height=\"250\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>\u201cSpreadsheets and other manual methods are no longer sufficient to keep up with the growing complexity of today\u2019s tax environment,\u201d Nmonwu says. \u201cAutomated software can streamline capturing of transactions, automate payroll calculations, processes and improve visibility into the business so you can comply more easily.<\/p>\n<p>\u201cIt can also help you stay on top of annual changes to tax regulations that impact on payroll tax calculations and various changes in legislation. What\u2019s more, the ability to generate tax certificates, reports and electronic payslips with the click of a button is a major timesaver.\u201d<\/p>\n<p>Nmonwu concludes: \u201cNigeria\u2019s federal and state governments are eager to expand their tax bases, and are investing heavily in modernising and streamlining tax administration. Companies can no longer risk non-payment of tax or incorrect remittances of taxes to the relevant government agencies, whether the reason is deliberate evasion or an accidental oversight.\u201d<\/p>\n<p><a href=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2017\/07\/tax.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-15120\" src=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2017\/07\/tax.jpg\" alt=\"\" width=\"284\" height=\"177\" srcset=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2017\/07\/tax.jpg 284w, http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2017\/07\/tax-128x80.jpg 128w\" sizes=\"auto, (max-width: 284px) 100vw, 284px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigerian companies and entrepreneurs that don\u2019t have their tax affairs in order should act now to take advantage of the government\u2019s\u00a0Voluntary Assets and Income Declaration Scheme (VAIDS)\u00a0(https:\/\/VAIDS.gov.ng), says\u00a0Magnus Nmonwu\u00a0(https:\/\/Twitter.com\/mnmonwu), Regional Director for Sage West Africa (www.Sage.com). The scheme runs from 1 July 2017 to\u00a031 March 2018. It gives taxpayers an opportunity to voluntarily declare all [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":15120,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"ngg_post_thumbnail":0,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[3970,3969],"class_list":["post-15119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-magnus-nmonwu","tag-vaids"],"jetpack_featured_media_url":"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2017\/07\/tax.jpg","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4oswh-3VR","_links":{"self":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/15119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15119"}],"version-history":[{"count":1,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/15119\/revisions"}],"predecessor-version":[{"id":15121,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/15119\/revisions\/15121"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/media\/15120"}],"wp:attachment":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15119"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}