" ITREALMS: VAIDS: Oyedele tasks Nigerian media on tax education


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Wednesday, October 04, 2017

VAIDS: Oyedele tasks Nigerian media on tax education

The Nigerian media has been tasked to take tax education seriously by engaging on the concerned subjects to make their role meaningful to the society, to facilitate the right conversation leveraging on the Voluntary Assets and Income Declaration Scheme (VAIDS), reports ITRealms.

The Partner and Head of Tax and Regulatory Services at PricewaterhouseCoopers (PwC) Nigeria, Mr. Taiwo Oyedele gave this charge at the 2017 one-day PwC Capability Enhancement Workshop for Journalists at Grand Junction, Landmark Towers, Oniru, Victoria Island in Lagos on Tuesday.

Dwelling on “The Media and Tax Payment – Focus on VAIDS” alongside Tax Partner, PwC Nigeria, Mr. Kenneth Erikume, Mr. Oyedele noted that media must educate itself, so as to educate others, especially the populace who look up to media for right direction.

He also said that Nigerian media should educate the public and encourage them to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS), stressing that would propel more citizens engagement in the demand for accountability and transparency.
VAIDS, he said is a scheme introduced to change the narrative of tax challenges and inadequacies in the country, which could be declared either online or offline, pointing out that those desirous of using online, should visit www.vaids.gov.ng and those for offline could visit any tax office nearest to them.

Earlier in his presentation on “VAIDS in a nutshell and overview of requirement,” Mr. Erikume, noted that investigations have revealed that trust in government and transparent usage of tax revenue remain largest concerns of citizens, especially among tax payers.
He listed some of the benefits of participating in VAIDS to include “there is no interest, no penalties, no tax prosecution and no tax audit.”

Erikume, pointed out that the scheme which runs from July 1, 2017 through March 31, 2018, describing it as a time-limited opportunity for tax payers to regularize their tax status, relating to previous tax periods.

According to him, in exchange for fully and honestly declaration of previously undisclosed assets and income, the Federal Government through this VAIDS is offering this amnesty, which guarantees that declarants would not face any criminal prosecution for tax offences or become subject for tax investigations.

In the longrun, he said, VAIDS ushers in an opportunity to increase the nation’s general tax awareness and compliance and urged Nigerians to embrace the scheme.

Remmy Nweke/ED, Ops
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