VAIDS Deadline: Kwara ICAN tasks business owners on compliance

By Matthew Denis
Barely two weeks to the Federal Government’s deadline for Voluntary Assets and Income Declaration Scheme (VAIDS), the Institute of Chartered Accountant of Nigeria (ICAN) Kwara State District has tasked business owners and corporate organisations on compliance.
The Minister of Finance, Mrs. Kemi Adeosun had said recently that there will be no extension for the Voluntary tax amnesty programme beyond March 31, 2018.
The minister warned that those who failed to fully declare their assets and incomes at the expiration of the window offered by the scheme risk prosecution, among other penalties.
Speaking to Pilot Business in a chat on Friday, Kwara State Chairman of ICAN, Pastor Abel Aiyedogbon said the scheme is welcome development that business owners should key into.
“The scheme is a welcome development and it must be encouraged because in advanced countries there is no way you will earn income and it will not be taxed. They pay heavy tax and enjoy the facilities there, so as you are collecting from taxpayers you ensure that they feel the impacts.
“People should be encouraged to pay voluntarily without being forced or pushed by government agencies to comply. ”
The ICAN boss, then advised business owners and organisations to comply before the deadline.
“I will advise those who are affected to take advantage of this opportunity before the closing date. It has been on for about nine months ago and there has been massive enlightenment campaigns about it, ” he added.
The chairman also called on those implementing the policy too to comply accordingly so that the scheme would not be viewed as political but economic scheme.