DOWNLOAD :Full Text of Executive Order No. 004 of 2017 on the Voluntary Assets and Income Declaration Scheme, VAIDS,

Full Text of Executive Order No. 004 of 2017 on the Voluntary Assets and Income Declaration Scheme, VAIDS, signed on Thursday, June 21, 2017 by the Acting President, Yemi Osinbajo

The Acting President, Yemi Osinbajo, on Thursday signed Executive Order, No. 004 of 2017, to authorise federal and state governments to allow defaulting taxpayers to voluntarily declare their asset and income, pay due taxes and obtain some benefits in return.

The Order followed the formal launching of the Voluntary Asset and Income Declaration Scheme, VAIDS, which guarantees amnesty for voluntary tax defaulters.

It is also part of government’s efforts to increase tax awareness and compliance, and grant tax payers a time-limited opportunity to regularise their tax status without penalty.

Read the full executive order below:

Whereas the Constitution imposes a duty on every citizen to declare his/her income fully and honestly to appropriate and lawful agencies and pay taxes promptly;

Whereas every taxable person is under obligation to voluntarily declare his/her income from all sources within and outside Nigeria by filing annual tax returns, computing same and paying the tax due to the tax authority;

Cognisant of the desirability of inculcating in all citizens, the ethics of responsibility to the nation, accountability, and honesty;

Aware that the Federal and State Governments owe citizens the duty of providing security, welfare and development in all its parameters; and

Consequent upon the determination of the Federal and State Governments to provide an opportunity for taxpayers who are in default under all relevant Statutes to voluntarily declare their Assets and Income and pay taxes due on them and in return obtain some benefits.

Attached below is the full text.

Download The Full Text of Executive Order No. 004 of 2017 on the Voluntary Assets and Income Declaration Scheme, VAIDS