VAIDS Begins Video Campaign

The Voluntary Assets and Income Declaration Scheme (VAIDS) office has launched a video campaign to create awareness about the programme, promote voluntary tax compliance and boost tax education among Nigerians.

This was disclosed in a press statement by the VAIDS Office in the Federal Ministry of Finance, the initiator of the programme.

According to the statement, the campaign, domiciled on Youtube atbit.ly/VAIDSVideos, features short videos and skits depicting various scenarios of persons attempting to evade their taxes.

By its provision, VAIDS gives tax defaulters a time-limited opportunity to regularize their tax affairs by truthfully declaring and paying tax liabilities.

VAIDS was conceived by the Federal Ministry of Finance in collaboration with federal and state tax authorities to correct the defective tax orientation in the country and reflects the desire of the Federal Government to widen the tax net while offering benefits to defaulters, who voluntarily and truthfully declare their assets and pay tax liabilities.

Benefits accruable to individuals and corporate bodies, who comply with VAIDS, include immunity from prosecution for tax offences, tax audits, as well as waivers of interest and penalties on unpaid taxes.

They also include the option of spreading outstanding liabilities over a maximum period of three years as may be agree with the relevant tax authority.