VAIDS: The Tax Authority Files (The Case Of Mr Thomas)

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


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  1. always i used to read smaller content that as well clear their motive, and that is also happening with this paragraph which
    I am reading at this time.


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