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Nairaland Forum / Nairaland / General / Politics / Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) (11991 Views)
Advising Your Clients On The Voluntary Assets And Income Declaration Scheme / Full Text: Executive Order On The Voluntary Assets And Income Declaration Scheme / Executive Order On The Voluntary Assets And Income Declaration Scheme (VAIDS) (2) (3) (4)
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by veekid(m): 5:08pm On Nov 23, 2017 |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by jolyment: 5:27pm On Nov 23, 2017 |
If I declared my asset and income, my tax will be increased.My assets are only my foam, techno k7 and one pair of shoes. |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by pocohantas(f): 5:34pm On Nov 23, 2017 |
HauteReel: You no dey tire? |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by stevecantrell: 5:50pm On Nov 23, 2017 |
free2ryhme:Sorry this is Tinubu Osinbajo collabo.. |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by sinkhole: 5:51pm On Nov 23, 2017 |
jabolo:I still no understand! I am a civil servant and every month I always have deducted from my salary PAYE (abi is that not part of tax?), anytime I pay for something like electricity bill (even though no light!) I always pay along with VAT (is that not also part of tax?). In-spite of all these tax I paid, I still pay fully for my hospital bills, infact I have to look for my own hospital as government hospital is a death zone! No road to travel upon despite always renewing my vehicle papers. I have to put my children in private schools as government school is a no go place. I told you I paid my electricity bills with VAT included but I have to buy fuel everyday for my generator with the attendant noise pollution. I can list many more wrongs of government and reasons why citizen do not really need to pay any tax. 2 Likes |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by jabolo(m): 6:24pm On Nov 23, 2017 |
sinkhole: Then I think you are ok and do not have to do anything since your only income is from PAYE. As for the bolded, that's a separate discussion but I feel your pain. |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by Academicwizman(m): 6:25pm On Nov 23, 2017 |
sinkhole:According to the constitution of the Federal Republic of Nigeria, every individual in possession of a tax base(i.e. things that are taxable), must pay tax to the relevant tax authority. That is what makes the advanced society that seem working work. Tax base includes income from employment, profit earned (in the course of normal business transactions), capital gains from asset disposal. Many Nigerians have not been paying the tax which is against the law and punishable under the law. However, the FGN provides a time period (an amnesty period of 9 months) for Voluntary Declaration of Assets and Income (VAIDS) (starting from July, 2017). After this period, government will begin the prosecution of individuals and businesses who fail to pay their taxes. Most importantly, there are Community Tax Liason Officers (CTLOS) trained to inform and educate people about tax and so that they can pay it without hassles. |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by Academicwizman(m): 6:40pm On Nov 23, 2017 |
sinkhole:I can identify two things from your argument. That is, you pay PAYE and VAT. We must commend you for being a good citizen. However, if you invest part of the income earned in a business and you earn profit from it, you are liable to pay tax on it. For example, if you buy land from the income and resell for profit, you will need to pay tax on the profit earned. Besides, if you built a house from the income earned from your employment and let it out, you will need to pay tax from the rental income after all deductibles. I hope this provides more clarification. I hail o, Op. |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by sinkhole: 6:49pm On Nov 23, 2017 |
Academicwizman:I am not against tax at all but what is the use of tax in Nigeria? Why would I not want to pay TV&Radio tax if we have a broadcasting outfit like BBC or Aljazeera? Why won't I want to pay toll-gate fee if our roads are constantly repaired and in good condition? Why won't I want to pay electricity tax if I have constant electricty supply? Why won't I pay hospital tax if our public hospitals are of state of the art and nobody ask me of money first before embarking on "fake" treatment? If government is doing the right thing with the little tax they could get now then more people will willingly pay their tax and when government decide to arrest and prosecute tax evaders most citizens will rally round the government. |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by Academicwizman(m): 7:05pm On Nov 23, 2017 |
sinkhole: I understand you sir/ma. You are correct to some extent. Almost, if not all Nigerians feel that the little government has is not being well utilized. However, why don't we look at it this way. According to statistics available, the percentage of tax to GDP is barely 6%-that is, one of the lowest in the world. Do you see a link between this low tax payment and holding government (our elected representatives) accountable? If yes, don't you think people will be more concerned about how their money is being spent when they pay their taxes. When people feel more concerned, governance quality can improve? If no, there are studies that have found connections between level of tax compliance and government accountability. I will provide some of these studies when I am less busy. 1 Like |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by sinkhole: 7:07pm On Nov 23, 2017 |
Academicwizman:I actually do not need any commendation as those two things (PAYE and VAT) are automatically deducted! Given a free will of what to do, I will not pay those things in Nigeria! |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by Academicwizman(m): 7:20pm On Nov 23, 2017 |
sinkhole:Yes, the tax is deductible at source but looking at the impact (no matter how small) it has had in the society, the payers should be commended. |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by Masculity(m): 7:39pm On Nov 23, 2017 |
sinkhole: Pay your tax and all those problems you listed above will surely go away. Government of today is different from government of yesterday. This government means business, have faith and pay I guarantee you your hard earned money will be use to develop our dear country. |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by longjohnsilver: 7:45pm On Nov 23, 2017 |
Masculity: same story since 1960. I have zero faith in the govt, later we will see headlines on how the director of the tax agency diverted the money for his personal use. Let them utilise the one they have been generating from oil and all other sources since forever, then we will be ready to pay tax. because by then, the tax would be worth it. Until then... |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by Nobody: 8:04pm On Nov 23, 2017 |
jabolo:Monsieur,let us not misunderstand the intention, it is how they plan to go about it that is a sad travesty in my opinion. When Nigerians think their little effort will somehow mathematically equate to the erosion of the larger drive at causing deeper social inequalities then what is left of any legacy or hope for the future of our children. Tax is a Social and Civil obligation and yes we must pay tax in a measure commensurate with our earnings - there are no sacred cows.. Why do you expect and demand and target a population of easily accessible persons for taxes and somehow (for the life of me) pleasantly ignore the obvious "RICH" prospects where tax will impact far more significantly on all. Is it not judicious use of wisdom and scarce resources in these times to use the human capital of the Tax Office to track-down e.g those driving luxury cars worth N45-N70 million like it was pure water rather than stationing thugs and crooked policemen to stop and question lowly-paid workers for their taxes.. if you are going to implement VAIDS why not look to the low-hanging fruits. is that not the obvious simplest strategy? rather they are waiting for the expiration of the deadline so they can jump into the streets to arrest all and sundry leaving the RICH to drive through seamlessly. VAIDS has none of such data and if they do, it is bare-bones.. they can easily reach-out to CBN and Banks to draw on knowledge and data patterns from all the transactions large corporate and high-net worth individuals execute since $9 billion dollars was slushed into the market.. i doubt they were used to buy food stuffs and books for students.. Hard Assets are worth a majority of those CBN intervention $$$ were used for.. VAIDS has enough data to kick off their project rather than posting veiled threats to whom they plan to harass later on. |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by Nobody: 8:12pm On Nov 23, 2017 |
sinkhole: I read all your comments with EMOTION, will this move be used for the right reasons?? |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by Agbaletu: 8:28pm On Nov 23, 2017 |
sinkhole:It is unfortunate this government want to impoverish low earning people by making the thieves at the top richer. I power my generating set to get electricity Health care in the private hospital Vigilante as security Private school instead of government school for the children No road for the vehicles Borehole instead of pipe borne water Tell me what is working in that country? Tell me one good reason why one should pay tax in Nigeria? This government wants to raise more Mainas abi? The Downtrodden are waiting for VAIDS. |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by Academicwizman(m): 8:29pm On Nov 23, 2017 |
longjohnsilver: Sir/Ma, I also once felt this way but let us look at it from a broad perspective. It is a classical case of whether a chicken comes before the egg or egg comes before the chicken. Arguments from either side of the divides may be valid. Government complains that they are having too little, hence she cannot provide the badly needed infrastructure to power the economy, the citizens complain that the little that government has is not being well-utilized. Every side of the argument is plausible (I. E. valid) but let us look at the goal. The goal is to build a better Nigeria and we must not lose hope. To keep hope alive, we must always give the benefits of doubt. This government appears to mean business in terms of dealing with the fundamentals. For instance, I have never experienced Nigerians that are not well-to-do or connected treated the way the CTLOs camped in Abuja are treated. When you attend such training, you feel treated like human beings, especially those from not-so-rich background. For the first time, I experienced real service from dedicated Nigerians put in the position of authority. It isn't really about the food, the snacks or even the lectures but the way they are "served". Many people can attest to this. That is the glimpse of hope we are talking about. Let us give the government the chance. Let's pay our tax. |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by Academicwizman(m): 8:57pm On Nov 23, 2017 |
LaEvilIMiss: Miss/Madam, considering the statements in bold, the government is not only targeting the poor but also the rich. In fact, I can tell you that the rich are taxed more because we use progressive tax (that is, the higher you earn, the more you pay). The problem we have is tax evasion and utilization, not the tax system or policy. The government is gathering assets of the bigwigs in the society with sizeable income(i think 10m and above, I am not really sure) and will deal with tax evaders. Let us look at this, apart from the penalty (jail without option of fine) and interest (as high as 21%), there is also a plan for 'name and Shame' on national dailies. I don't think that is meant for poor people. However, for the sake of not just equality but also equity, the poor also need to pay tax but such tax must have a human face. |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by Nobody: 9:26pm On Nov 23, 2017 |
Academicwizman: Thanks for further exposition on the matter.. it is one I am pained by every time I hear of it. there is a history and obviously unsubstantiated claims that over decades, the wealthy evade taxes where the less privileged are largely unable to get sustenance talk-less of pay equitable tax in the face of non-utilization of tax revenue for projects where you would think tax monies should go. While it is absolutely important for the Tax function to work as it should, you must agree we (FG/citizens) have handled it the wrong way for a while now. It is painfully obvious that basic social, health and living amenities are well beyond the grasps of the poor (lose generalization) however the government's access to their earnings are always within reach at any given moment should they decide to. The poor require access to government-funded, government-run structures so they need to pay for these however are they in a position to fulfill this obligation among other tax-driven commitments they are faced with year-round say when compared to well-to-do persons. For example.. the PHCN Tariff is the same across-board (lose-example) If Mr Rich pays his bills and taxes, he is still far more comfortable than Mr Poor who pays his bills and taxes not because the formula is not equitable or does not have a human face but simply because in the non-utilization or poor utilization of Tax revenues, the poor feel it more than the rich. so until you get to a point where you have a cushion that allows the poor to function and sustainable earn enough to feel empowered for progress.. why not focus on those whose tax potential have far more coverage to kickstart the sort of tax-dependent initiatives you are trying to implement. the tighter the corner the larger the pot of tax-evaders |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by Academicwizman(m): 9:41pm On Nov 23, 2017 |
LaEvilIMiss:Your submission is very sensible and I concur. I think the VAIDS think-tank may have also considered this. That is why the goals of VAIDS include increasing tax compliance and widening the tax net. It makes sense to get more from those who take the larger chunks (by increasing tax compliance and through the progressive tax system that I mentioned earlier) but there is also the need to build the culture if tax payment among the poor by widening the tax net. Given that a poor man can become rich tomorrow and vice versa, engendering tax payment culture is the ultimate if we must build a better Nigeria just like how the advanced country that we envy did. |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by Masculity(m): 11:45pm On Nov 23, 2017 |
longjohnsilver: I understand but be optimistic I believe our country will be better. Remember building a country is not a one man job it must be a collective effort from each and every one living in the country and abroad. We don't have any country other than Nigeria, it's our country and God willing those that are piloting the affairs of our dear nation will take us to the promise land. |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by Nobody: 2:01am On Nov 24, 2017 |
pocohantas: Good question. |
Re: Steps To Register For The Voluntary Assets & Income Declaration Scheme (VAIDS) by adeoba2008(m): 4:40am On Nov 24, 2017 |
It is our duty to pay tax to the government. Opop moka mo roro, owo lo tun ile ibe se. A sorire oooo. Check my signature. |
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