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Overview of the Voluntary Offshore Assets Regularization Scheme and Executive Order #008

Introduction The Voluntary Offshore Assets Regularization Scheme was launched by President Muhammadu Buhari on the 8th of October, 2018 and on the same date, an Executive Order (008) was signed by the President which became effective on the same date. Prior to this order, in his quest to fight corruptionRead More …

VAIDS Made Simple for Tax Professionals and Tax Payers

The then Acting President, Professor Yemi Osinbajo, SAN, GCON established the Voluntary Assets and Income Declaration Scheme (” VAIDS ” or the “Scheme”) vide the Executive Order No. 004 of 2017 (the “Order”). VAIDS is a time-limited opportunity for taxpayers to regularize their tax status relating to previous tax periods. InRead More …

How to Process Tax Refund from the FIRSNigeria

There are many possible reasons why a taxpayer may request a tax refund from the Federal Inland Revenue Service (the “Service” or FIRS). Taxpayers may have unutilised withholding tax credit, erroneous deduction VAT at source on zero-rated goods or exempted goods by taxpayer’s customers, overpayment of tax, erroneous payment ofRead More …