VAIDS: Oyedele tasks Nigerian media on tax education

ITRealms:

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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VAIDS, golden opportunity for Nigerians to regularize taxes

ITRealms:

The introduction of the Voluntary Assets and Income Declaration Scheme (VAIDS) has been described as a golden opportunity for Nigerian companies and entrepreneurs to regularise their taxes, says the Regional Director, Sage West Africa, Mr. Magnus Nmonwu, reports ITRealms.

The scheme, ITRealms recalls would run from 1 July 2017 to 31 March 2018.

 According to him, the scheme gives taxpayers an opportunity to voluntarily declare all previously undisclosed assets and income, and thereby regularise their taxes.

The Nigerian companies and entrepreneurs, he said, who do not have their tax affairs in order should act now to take advantage of VAIDS.

“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, Value Added Tax (VAT) and stamp duty.

This scheme, he pointed out is implemented by the Federal Inland Revenue Service (FIRS) in collaboration with the State tax authorities, and aimed at increasing Nigeria’s tax base, improve the tax collection to Gross Domestic Product (GDP) ratio and clamp down non-compliance.

“This is a perfect opportunity to come clean for people and companies who have under-declared or failed to declare their assets and income,” he said, stressing that when the window closes on 31 March, 2018, 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,” he said.

Further, Nmonwu said that the first step to compliance is getting business’s books in order, irrespective of whether they are 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.

“Spreadsheets and other manual methods are no longer sufficient to keep up with the growing complexity of today’s tax environment. Automated software can streamline capturing of transactions, automate payroll calculations, processes and improve visibility into the business so you can comply more easily.

“It 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’s more, the ability to generate tax certificates, reports and electronic payslips with the click of a button is a major time-saver,” he said.

Emphasisting that Nigeria’s 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,” Magnus Nmonwu.

Chuks Egbune/GEE

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