Posted By: | December 01, 2020 |

Executive Order on Voluntary Assets and Income Declaration Scheme (VAIDS)

On 29 June 2017, Acting President Yemi Osinbanjo signed an Executive Order (EO) that would encourage Nigerians to voluntarily pay their tax arrears, tagged Voluntary Assets and Income Declaration Scheme (VAIDS). VAIDS is expected to bring additional four (4) million new taxpayers including informal sector players who contribute to Nigeria’s GDP but are currently outside the tax net. Our Chuks Okoriekwe's article, “Taxing the Informal Sector: On Your Marks, Set, Go! Business Day (BDLegal Business), 6 April 2017, page 26 discussed feasible options in this regard.

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