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Deloitte, Tax Stakeholders to Parley in PH On VAIDS Worth $1Bn

peter oluka

Deloitte Nigeria has perfected plans for a breakfast session on the Voluntary Assets and Income Declaration Scheme (VAIDS).

The Government expects to raise at least $1billion in tax revenues through VAIDS.

With the signing of the Executive Order backing the implementation of VAIDS by Prof. Yemi Osinbajo, then Acting President, on 29 June 2017, the scheme is deemed to have taken effect from 1 July 2017.

The scheme will be jointly executed by the Federal and State Governments and will cover both corporate and individual taxpayers.

It also aims to increase tax awareness and compliance, and reduce incidence of tax evasion in Nigeria.

Under the scheme, taxpayers will be given a time-limited opportunity to regularize their tax status without incurring any penalties.

In lieu of this, Deloitte is organizing the breakfast session to discuss the VAIDS applicability and other issues related therein on Thursday, 7 September, 2017 at Bervely Hills Holiday Resort Limited, Plot 130 Woji Road GRA Phase II Port Harcourt.

The objective of the breakfast session, Deloitte said, is to provide an avenue for regulators, stakeholders and taxpayers to deliberate and gain deeper insight into the full scale implementation of the scheme.

"Taxpayers are expected at the end of the session to have a better understanding of the workings of the scheme and how they stand to benefit from this gesture extended by the Government", invitation to stakeholders reads in part.