The State Hose of Nigeria has issued a release announcing that President Muhammadu Buhari has approved an extension of the Voluntary Assets and Income Declaration Scheme to 30 June 2018. The scheme, which was to originally run from 1 July 2017 to 31 March 2018, provides relief from penalties and interest on outstanding tax liabilities on previously undeclared income and assets for the 2011 to 2016 years of assessment, as well as immunity from prosecution. The scheme covers all federal and state taxes, including companies income tax, personal income tax, petroleum profits tax, capital gains tax, stamp duties, and tertiary education tax. The release notes that no further extension will be approved after 30 June.
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