There are some wrong notions people have about mandatory tax obligations of employers of labour, as well as employees of organisations. Many entrepreneurs think they are not individually obligated to pay tax in so far as their businesses have complied with relevant tax laws. Some even assume Personal Income Tax (PIT) rates are as high as 40%-50% in the country today, so they are not willing to pay. Many can’t even differentiate between corporate taxes and PIT and which one they must comply with. Therefore, it was expected that the Voluntary Assets and Income Declaration Scheme (VAIDS), a tax amnesty program put together by the Federal Ministry of Finance alongside other tax bodies in Nigeria, will have a lot of people wondering about its importance to them.


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http://valourdigest.com/the-importance-of-personal-income-tax-to-you/