Join the #TBCAVAIDSTOUR at various co-working spaces and online as TBCA.ng demystifies the Voluntary Assets and Income Declaration Scheme for Individuals, Startups and SMEs. You may be defaulting without even knowing it, avoid unnecessary penalties.
TBCA (The Best Consultants in Africa) launches the co-working space VAIDS tour to further spread awareness about VAIDS to Individuals, Startups and SMEs. A pre-launch of the tour happened on February 24th at the StartupGrind Lagos and the main tour leg starts from Friday, March 2nd at CapitalSquare Lekki and ends on Friday, March 16th at CraniumOne. VAIDS is Voluntary Assets and Income Declaration Scheme, a scheme created by the Federal Government to give waivers on tax penalties & interests for Individuals and Businesses who have under-remitted, underpaid or not paid their taxes for a specified period.
If you have any connection whatsoever to Nigeria in terms of Income, Finances, Residency etc. [and you fit the bracket of under-remitting or not paying taxes], it is pertinent you understand VAIDS and its benefits. So what are you waiting for, follow us on tour, let us demystify VAIDS before the deadline and avoid unnecessary penalties. We’ll be having Omodiagbe Maureen, Olajide Ayinla and a host of Tax Professionals, Tax Consultants and TBCA Independent Consultants add their Tax Subject Matter Expertise on the tour.
Pick a tour stop if you are in Lagos and if you are outside Lagos or outside Nigeria, join us on our (March 6 and March 12) Webinar Session at the link: Join Zoom using Meeting ID: 880 770 6600. You can also view our Livestream Interview (with a TAX Professional) on March 7 and follow all Livestreams of the tour on both Instagram (@tbcaco) and Facebook (@tbcaco).
Date: Friday, March 2nd – Tuesday, March 13th, 2018.
Here are some quick facts on VAIDS:
- VAIDS closes on March 31st. There is currently no indication that there will be an extension.
- Evading TAX is a punishable crime and may lead to a conviction. You will still be required to pay the TAX due along with associated interests and penalties.
- VAIDS covers all Federal and State taxes such as Companies Income Tax, Personal Income Tax, Petroleum Profits Tax, Capital Gains Tax, Stamp Duties, Tertiary Education tax.
- If you are in default of your tax liabilities, VAIDS is for you. Tax defaulters are people who have not been fully declaring their income, have been under remitting their tax payment and have not been paying any due taxes.
- There is a scheme to pay outstanding tax liabilities in installments. At the discretion of the relevant authority, you may be granted up to 3 years to pay the liability (with interest).
- If you default on your taxes following the scheme, you may be forced to forfeit the tax forgiveness granted under VAIDS and be liable to pay past liabilities in full.
- Register for a TAX Identification Number (TIN) is the first step for a person who has never paid tax. The TIN application will be fast tracked.
- Overseas income nko!, yes you are to declare. VAIDS covers Nigerian residents with taxable income from outside Nigeria; and non-residents with undeclared income derived from or accruing within Nigeria.
- You live outside Nigeria and fall into the VAIDS bracket, no problems. You can do an online declaration on the VAIDS website (ideclare.vaids.gov.ng). You can also reach out to Independent TAX Consultants on TBCA.ng for assistance.
- No anonymous declarations. Measures have been put in place by the government to ensure that information you provide would be treated in strict confidence, will not be disclosed to 3rd parties and will not be used against you.
So hope to see you on tour and let us avoid unnecessary defaults and penalties.
BellaNaija is a media partner for #TBCVAIDSTour