The Anambra State Government has approved a three-month tax waiver for residents and businesses under its newly introduced Voluntary Assets, Income Declaration and Tax Regularisation Scheme (VAIDS), which will run from July 6 to September 5.
The State Commissioner for Information and Value Reformation, Dr Law Mefor, announced the approval in a statement issued on Thursday in Awka.
Mefor said the initiative provides taxpayers with a one-time opportunity to regularise their tax status without incurring the full penalties associated with previous non-compliance.
According to him, the decision was taken by the Anambra State Internal Revenue Service (AIRS), led by its Executive Chairman, Mr Ikeazor Okonkwo.
He urged businesses, organisations and individuals that have failed to pay taxes or statutory fees, as well as those yet to register as taxpayers, to take advantage of the three-month window to fulfil their tax obligations.
The commissioner also encouraged registered taxpayers with additional income, assets or liabilities that had not been previously declared to disclose them during the waiver period.
He warned that individuals and organisations that failed to fully declare taxable income and assets or underpaid or under-remitted taxes and levies would face the full weight of the law after the grace period.
Mefor added that taxpayers currently undergoing tax audits or investigations, those involved in disputes with the AIRS, and those issued with Best of Judgment (BOJ) assessments who failed to respond within the statutory period would not be exempt from prosecution.
He said eligible taxpayers who make full and honest disclosures would enjoy a 100 per cent waiver of penalties, accrued interest and immunity from prosecution.
The commissioner advised taxpayers, business owners and companies with undeclared income or assets, or those that had defaulted in tax declarations and payments, to regularise their status by visiting any tax office or accessing the VAIDS portal.
He warned that the AIRS would begin full enforcement against defaulting taxpayers after the waiver expires on September 5.
