The case of Mr. Thomas, a managing partner in a Nigeria Law firm. Mr Thomas is the Managing partner in a Nigeria Law firm and charge it clients in both NGN and USD.
The firm represent its clients and earns annual retainer of N23,000000 and N450,000. However, Mr. Thomas neither declares the foreign currency income in his tax (VAT or CIT) on the amount even though they were earned from local clients.
Mr. Thomas has heard of the VAIDS and is willing to take advantage of the scheme.
Mr. Thomas will be required to declare the annual retainer of $450,000 earned in each year and pat VAT and income tax under the VAIDS.
Source: VAIDS Nigeria