Voluntary Assets and Income Declaration Scheme (VAIDS) and Company Income Tax in Nigeria: A Post-Mortem

Main Article Content

Onwuka Okwara Onwuka



The contribution of taxation to any economy globally cannot be over emphasized.  This research work is on Voluntary Assets and Income Declaration Scheme (VAIDS) and Company Income Tax (CIT): A Post-Mortem. The main objective of this study is to explore the impact of Voluntary Assets and Income Declaration Scheme on company income tax in Nigeria. Time series data were applied in carrying out this research work. Ordinary least square regression analysis was employed in this work with the use of STATA 13 package. The scope of the study is basically focused on the assessment and effect of voluntary assets and income declaration scheme on company income tax in Nigeria from June 2017 to March 2018 a period of 9 months but later extended to July 2018 by the Federal Government of Nigeria. This research focuses on a broad range of issues with the collection of a diversity of data in the field of VAIDS and company income. A literature review was used to determine the theoretical basis for research topic and prior research method conducted on various aspects of relating to VAIDS and company income tax. This work adopted the ex-post-facto research design. The findings reveal that Company Income Tax has an insignificant impact on VAIDS. The work recommends that the voluntary assets and income declaration scheme should be a permanent programme as a separate body should be set up to inspect and ensure the smooth running of the programme.



Key words: VAIDS, Tax, Executive, Order, Income

Article Details

How to Cite
Onwuka, O. O. (2019). Voluntary Assets and Income Declaration Scheme (VAIDS) and Company Income Tax in Nigeria: A Post-Mortem. Advances in Social Sciences Research Journal, 6(10), 261-273. https://doi.org/10.14738/assrj.610.6152
Author Biography

Onwuka Okwara Onwuka, Abia State University

Accounting and Senior Lecturer


Adedeji, T.O. Oboh, C.S. (2010). An empirical analysis of tax leakages and economic growth in Nigeria. European Journal of Economics, Finance and Administrative Science ISSN 1450-2275 Issue 40 (2012) © Euro Journal, Inc. 2012.

Adegbie, F.F. (2010). Customs and exercise duties contribution towards the development and growth of Nigeria economy. European Journal of Economics, Finance and Administrative Sciences, ISSN 1450-2275 Issue 29 (2011). © Euro journals, Inc, 2011 http://www.eurojournals.com.

Aderenti, S.A. Sanni, M.R & Adesina, J.A. (2011). Value, Added Tax and Economic Growth of Nigeria, European Journal of Humanities and Social Science Vol. 10, No. 1 (Special Issue), 2011 © Journals of Bank.com (2011. ISSN 2220-9425457.

Appah, E. (2004). Principles and practice of Nigerian tax revenue: Ezevin Mint printers and publishers, Port-Harcourt.

Asada, D. (2005). The administration of personal Income Tax in Nigeria: Some problems areas, working paper, University of Jos.

Bonu, N.S and Pedro Motau P. (2009). The impact of income tax rates (ITR) on the economic development of Botswana, Journal of Accounting and Tax Revenue Vol. 1 Pp. 008-0022.

Brian Musaga (2007). Effects of tax revenue on economic growth (Uganda’s experience: 1987-2005).

CITN (2017). Nigerian Tax System and Expectation of VAIDS by CITN education, research and technical. Retrieved from www.citn.org.

Deloitte Nigeria (2017). Increasing Tax Revenue: is a new approach required? Retrieved from www.monday.cm/Nigeria/x/571840/taxauthorities.

Festus, A.F. Samuel, F.A. (2007). Company Income Tax and Nigeria Economic Development, European Journal of Social Sciences – Vol. 22, No. 2.

FIRS (2017). Federal Inland Revenue Services website Nigeria.

Mayowa, T. (2017). Executive Order on the Voluntary Assets Declaration. Retrieved from https://www.thecable.ng.fulltax.

Ola, C.S., (2006). Income tax Law and practice in Nigeria. Heinmann Educational Books Nigeria Plc, Ibadan.

Olajide, O. (2017). VAIDS and the need for effective tax administration in Nigeria. Retrieved from www.financialnigeria.com/VAIDS.

Olalekan, A. (2017). Tax Amnesty FG get N33.6bn from two firms. Retrieved from http://punhng.com.

Prosphare, (2017). Executive order on the Voluntary Asset and Income Declaration Scheme (VAIDS). Retrieved from http://www.rpshareng.com/news/taxs%20&20traiffs.

Taiwo, O. (2017). FIRS Declares tax amnesty. Retrieved from http://pwcnigeria.com.

Yomi, O. Sege, A. & Patrick, N. (2017). New Voluntary Asset and Income Declaration Scheme (VAIDS) in Nigeria. Retrieved from http://blog.decloitte.com.ng.