5 Things to Know about the Voluntary Assets and Income Declaration Scheme (“VAIDS” or the “Scheme”).

| Monday 3rd July, 2017

       

1. The Scheme applies to all categories of taxpayers who: have defaulted in the payment of taxes; have been underpaying or under remitting taxes; are under a tax audit or investigation; or are engaged in a tax dispute with the relevant tax authority (“RTA”).

2. The Scheme is to provide an opportunity for taxpayers to regularize their tax status by declaring their correct tax positions, pay all outstanding taxes and ensure full tax compliance.

3. The scheme is for a nine (9) month period commencing from 1st July 2017.

4. For valid declaration to be made under the Scheme, it must be voluntary and made through the prescribed form following which the RTA will issue an assessment of the tax payable.

5. Compliance with VAIDS assures a taxpayer of: immunity from prosecution for tax offence; immunity from tax audits; waiver of interests; waiver of penalties; and the option of payment of assessed taxes in instalments for a maximum of 3 years.