Saturday, November 17, 2018

Tag "VAIDS"

    IN DETAIL: Nigerians now to pay tax on foreign income and assets — or face the law

IN DETAIL: Nigerians now to pay tax on foreign income and assets — or face the law

President Muhammadu Buhari on Wednesday signed an executive order directing Nigerian taxpayers to voluntarily declare and pay tax on their offshore assets.The new executive order No. 8 is tagged Voluntary Offshore Assets Regularisation Scheme (VOARS) and went into effect same day the president signed it.It is still being debated if such a major tax reform should come in form of [...]

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    FG to commence voluntary asset repatriation scheme

FG to commence voluntary asset repatriation scheme

The federal government has announced plans to start a voluntary scheme to recover funds stolen from Nigeria. Abubakar Malami, minister of justice and attorney general of the federation, made the disclosure to NAN on the sideline of a meeting held at the Nigerian embassy in Bern, Switzerland. This comes ahead of the expiration of the Voluntary Assets and Income Declaration Scheme (VAIDS), which was extended to June [...]

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    A case for a more robust approach to boosting Nigeria’s tax revenues

A case for a more robust approach to boosting Nigeria’s tax revenues

The tax debate is a never-ending saga constantly subjected to emotional vituperations depending on which side of the divide one is. This debate has most recently brought to the front burner contending issues with respect to the newly introduced Voluntary Asset and Income Declaration Scheme (VAIDS) and the administration of tax in Nigeria. Let me attempt an analysis of these [...]

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    Fowler: We’ll soon start selling properties of companies who don’t pay tax

Fowler: We’ll soon start selling properties of companies who don’t pay tax

Babatunde Fowler, executive chairman, Federal Inland Revenue Service (FIRS), says the federal government is processing court documents that will allow it sell properties of companies who have been evading taxes.Speaking on Wednesday on The Core, a Channels Television programme hosted by Kadaria Ahmed, Fowler said the N20 billion realised from the voluntary assets and income declaration scheme (VAIDS) was paid [...]

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    VAIDS: ‘Panic grips’ Nigerians with assets abroad

VAIDS: ‘Panic grips’ Nigerians with assets abroad

Nigerians who own property in the United Kingdom have inundated the ministry of finance’s Voluntary Assets and Income Declaration Scheme (VAIDS) hotlines with calls, causing the lines to crash on Friday.NAN quoted a source at the VAIDs office as saying the unprecedented level of calls is not unconnected with the new UK regulation on Unexplained Wealth Orders (UWOs).The source disclosed [...]

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    Adeosun: We’ve records of those with forged tax certificate

Adeosun: We’ve records of those with forged tax certificate

Kemi Adeosun, minister of finance, says the federal government plans to eradicate sharp practices that could compromise the integrity of tax administration and revenue system.Speaking during a meeting between the ministry’s whistleblower unit and the presidential initiative on continuous audit (PICA), Adeosun said the finance ministry has information on those who obtained false tax clearance.According to her, two senior tax [...]

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    VAIDS: FG to seize 2,000 properties in Abuja

VAIDS: FG to seize 2,000 properties in Abuja

The federal government has said it will seize properties that are built and owned by corporate organisations from where taxes are not being paid.Babatunde Fowler, chairman of the Federal Inland Revenue Service, said this on Thursday during a media workshop on voluntary assets and income declaration scheme (VAIDS).While urging individuals and companies yet to declare their earnings and pay relevant taxes [...]

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    VAIDS: FG rakes in $110m from two companies

VAIDS: FG rakes in $110m from two companies

Kemi Adeosun, minister of finance, says the federal government has received $110 million from two firms under the voluntary asset and income declaration scheme (VAIDS).Adeosun made this known to journalists on Wednesday after the federal executive council (FEC) meeting chaired by Vice-President Yemi Osinbajo.The federal government had in July announced a nine-month amnesty window for tax defaulters, to help regularise [...]

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    FG identifies 500 tax dodgers — some have houses abroad

FG identifies 500 tax dodgers — some have houses abroad

The federal government says it has compiled the list of 500 Nigerian tax dodgers, some of them prominent citizens who have homes abroad.Kemi Adeosun, minister of finance, who disclosed this at the national economic council meeting, said the list of about 500 Nigerians with trusts abroad has been obtained to determine their tax compliance status at home.She explained that such [...]

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    Offshore tax havens not illegal, says Adeosun

Offshore tax havens not illegal, says Adeosun

Kemi Adeosun, minister of finance, says operating businesses in offshore tax havens is illegal only if all applicable taxes have not been up to date by the investing entities.Speaking at a media interactive session on Tuesday in Abuja, she said while the use of tax avoidance schemes is legal, tax evasion is not.Avoidance is when taxpayers arrange finances in a [...]

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    $50m earned from VAIDS in four months, says Fowler

$50m earned from VAIDS in four months, says Fowler

Babatunde Fowler, chairman, Federal Inland Revenue Service (FIRS), says the Voluntary Assets and Income Declaration Scheme (VAIDS) has yielded over $50 million in revenue since its launch four months ago.Fowler made this known on Monday while speaking at an event organised by the Nigeria governors’ forum secretariat in Abuja.Pointing to VAIDS as a key to revenue generation, Fowler said the scheme [...]

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    The taxpayers in other parts of the country are ‘not up to 50%’ of those in Lagos

The taxpayers in other parts of the country are ‘not up to 50%’ of those in Lagos

Oseni Elamah, executive secretary of the joint tax board (JTB), says the taxpayers in other parts of the country are not up to 50% of those in Lagos.Elamah, who made this statement while speaking in Abuja, said state governments would benefit greatly from the implementation of Voluntary Assets and Income Declaration Scheme (VAIDS).VAIDS is an initiative of the ministry of [...]

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    VAIDS deploys 700 tax liaison officers to nine states

VAIDS deploys 700 tax liaison officers to nine states

The Voluntary Assets and Income Declaration Scheme (VAIDS) has deployed over 700 graduates to nine states and the federal capital territory (FCT).They will serve as community tax liaison officers (CTLOs). The CTLOs were trained for the purpose of sensitising taxpayers.A tax amnesty initiative of the ministry of finance in collaboration with state revenue agencies, VAIDS was launched on June 29 via [...]

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    NO ESCAPE: FIRS, states collaborate to track high net worth individuals

NO ESCAPE: FIRS, states collaborate to track high net worth individuals

The joint tax board (JTB) and the Federal Inland Revenue Service (FIRS) says it has started sharing information of high net worth individuals to profile their income and tax payments to ensure they pay the appropriate taxes.Speaking at the 138th meeting of the JTB on Sunday, Babatunde Fowler, executive chairman of the FIRS, said 12 states have signed the memorandum [...]

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    Adeosun: VAIDS is NOT related to the bill on amnesty for looters

Adeosun: VAIDS is NOT related to the bill on amnesty for looters

Kemi Adeosun, minister of finance, says the voluntary assets and income declaration scheme (VAIDS) has nothing to do with the bill before the national assembly seeking amnesty for looters.Speaking at the VAIDS interactive session for business owners hosted by PwC in Lagos on Thursday, Adeosun said the bill is not from the executive but from the legislative arm of government.She [...]

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    Fowler: If you earn N2m and your house is worth N50m, we’ll ask questions

Fowler: If you earn N2m and your house is worth N50m, we’ll ask questions

Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says tax declaration should be consistent with the lifestyle of Nigerians.He said if someone says he or she earns N2 million and owns a house worth N50 million and a car worth N10 million, the tax agencies will ask questions.Speaking about the voluntary asset and income declaration scheme (VAIDS) on [...]

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Exchange Rates

November 16, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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