Chairman of Federal Inland Revenue, (FIRS), Mr. Tunde Fowler, on Tuesday, warned tax avoiders that there will be no hiding place for them when the Voluntary Assets and Income Declaration Scheme (VAIDS) elapses.
Fowler’s warning was contained in a keynote address at a workshop for professionals advising clients on participation in the Voluntary Assets and Income Declaration Scheme (VAIDS) in Kano.
He described VAIDS, an initiative of the Federal Ministry of Finance, offering tax defaulters a time-limited window to truthfully declare hidden incomes and assets, pay up taxes due over a maximum of three years and escape consequences such as interests and penalties, tax audits as well as prosecution.
Fowler explained that every taxpayer that has underpaid or has not paid tax at all is expected to take advantage of the scheme, which ends on March 31, 2018.
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