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As the June 30, 2018 deadline for the Voluntary Asset and Income Declaration Scheme (VAIDS) inches closer, those in the Micro, Small and Medium Enterprises (MSMEs) sector of the economy have been urged to take advantage of the scheme to regularise their taxes in order to avoid prosecution.
President of Nigerian Association of Small and Medium Enterprises (NASME), Mr Degun Agboade, at a function recently, stressed the need for small business owners in the country to pay their taxes to government.
He said VAIDS was a project by the federal government aimed at providing opportunity for corporate bodies and individuals to regularize their tax status relating to previous tax periods.
According to him, under the scheme, tax payers are given the opportunity to benefit from total waiver of outstanding and overdue interests and penalties.
Mr Agboade lamented that despite the fact that Nigeria has some of the most profitable and well capitalized companies and individuals, the tax remittance rate is still low.
He said Nigeria’s low tax revenue was inconsistent with lifestyles and spending habits of a large number of citizens.
Mr Agboade, who was at a tax compliance clinic/sensitization programme organised by NASME for MSMEs to understand the requirements and benefits of VAIDS, noted that Lagos and Edo States were the two focal states of the sensitization programme.
Also at the event was the Executive Secretary of Joint Tax Board, Mr Oseni Elamah, who pointed out that under VAIDS, tax payers are given the opportunity to benefit from total waiver of outstanding and overdue interests and penalties.