Analyst Makes Case For VAIDS

An economic analyst, Frank Ile has spoken up for newly initiated Voluntary Assets and Income Decoration Scheme (VAIDS), saying it is a scheme that will create ease of being tax compliant in Nigeria.
Ile, who is also a chartered insurance broker stated that the scheme, which was launched by the then acting president of Nigeria, Prof Yemi Osinbajo and initiated by the Minister for Finance, Kemi Adeosun has the capacity to ensure an all-inclusive tax administration to the advantage of tax payers.
The insurance broker noted in a chat with The Tide, Friday that it is a commendable initiative and would be effective in educating Nigerians on their rights under the tax laws and help create a tax friendly environment.
According to him, currently Nigeria is losing a lot to tax evaders and with this new scheme, the tax environment would be easier as it would enable Nigerians to know their rights under the tax laws because so many individuals and corporate bodies evade taxes because they think they are being over taxed.
He added that all taxes, corporate and personal taxes are provided for in this new scheme and advised that Nigerians should take advantage of the scheme before its expiration in a couple of months.
He observed that VAIDs came into existence, July 2017 and it is expected to end March 31, 2018.
He listed some of the advantages of she scheme, saying that only those who declared their assets would benefit.
“As far as l know, the provisions of the VAIDS apply only to individual and corporate bodies that declare their assets within the stipulated period, they are the ones that would enjoy the exemptions provided under the scheme, while the normal tax law provisions would be applicable to those who did not comply. It is a way of encouraging people to pay taxes”, he concluded.

Tonye Nria-Dappa