Experts faults FIRS’s new plan on VAIDS enforcement

Senate approves N216.646bn FIR’s 2021 budget

Analysts at KPMG Nigeria, a leading auditing firm in Nigeria has identified inconsistence in a recent declaration by the Federal Inland Revenue Service (FIRS) on further implementation of voluntary assets and income declaration scheme (VAIDS). The FIRS on June 2, 2020 extended the deadline for waiver of penalty and interest (P&I) on outstanding tax liabilities arising from desk reviews, tax audits and investigation to Tuesday, 30 June 2020. The announcement follows its earlier COVID-19 palliative measures No.3 published in our Tax Alert Issue No. 4.4 of April 2020. Further, the FIRS has expanded the…

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