Anambra Government has approved three months tax waiver for business owners under its newly introduced Voluntary Assets Income Declaration and Tax Regularisation Scheme (VAIDS) from July 6 to Sept. 5.
The State Commissioner for Information and Value Reformation, Dr. Law Mefor, disclosed this in a statement on Thursday in Awka.
Mefor said the scheme offers a one-time chance for taxpayers to fix their tax issues without facing the full penalties for not complying with the law.
He said that the decision was reached by the tax authority in the state, led by the Executive Chairman, Anambra State Internal Revenue Service (AIRS), Mr. Ikeazor Okonkwo.
He charged businesses and other organisations that have not paid taxes or fees and those who have not registered as taxable persons to explore the three months window to register and pay their taxes.
Mefor also urged other registered taxpayers with additional income, assets or liabilities to disclose them.
He said that those who failed to fully declare taxable income and assets, underpayments or under-remitted taxes or levies would face the full weight of the law.
He added those currently under tax audit, investigation or are involved in a tax dispute with the AIRS and had been issued Best of Judgment (BOJ) assessments but failed to respond within the statutory timeliness would not be exempted from prosecution.
The commissioner said that eligible taxpayers, who make full and honest disclosure, would enjoy 100 per cent waiver of penalties of accrued interest and immunity from prosecution.
He urged those with undeclared income or assets and taxpayers, business owners, companies that had defaulted in declaration of assets and tax payment to regularise with the tax offices or visit the VAIDS portal at tax.services.an.gov.ng/vaids.
Mefor warned that the AIRS would commence full enforcement against defaulting taxpayers at the expiration of the tax waiver by Sept. 5.
