Anambra gives three-month tax break for businesses

The Anambra State Government has given a three-month tax break for business owners. This is part of its new Voluntary Assets and Income Declaration and Tax Regularisation Scheme (VAIDS). This tax break runs from 6 July to 5 September.

Law Mefor, the Commissioner for Information and Value Reformation, shared this news in a statement on Thursday in Awka.

Mr Mefor said this scheme gives taxpayers a chance to sort out their tax problems. They can do this without facing full penalties for not complying with tax laws.

The state tax authority made this decision. Ikeazor Okonkwo, the Chairman of the Anambra State Internal Revenue Service (AIRS), led the discussion.

He encouraged businesses and organizations that have not paid their taxes or fees to take this opportunity. Those who have not registered as taxpayers should also use this three-month window to register and pay their taxes.

Mr Mefor also asked registered taxpayers with extra income, assets, or debts to come forward and declare them.

He warned that those who do not fully declare their taxable income and assets, or those who pay less tax than they should, will face serious consequences.

He added that individuals who are currently being audited or investigated by AIRS will not escape penalties. This includes those who have received Best of Judgement (BOJ) assessments but did not respond in time.

The commissioner said that taxpayers who honestly declare their income and assets will receive a 100 percent waiver on penalties and interest. They will also be safe from prosecution.

He urged anyone with undeclared income or assets, including business owners, to regularize their tax status. They can visit the tax offices or the VAIDS portal for help.

Mr Mefor also warned that the AIRS would start strict enforcement against those who do not comply once the tax waiver ends on 5 September.