In recent years tax authorities worldwide have implemented voluntary disclosure schemes to recover tax on offshore investments such schemes are characterized by the acquisition of non-audit information on offshore holdings, and a subsequent opportunity for affected taxpayers to make a voluntary disclosure. Sections 62 to 78 of the finance act, 1997 relate to the voluntary disclosure of income scheme, 1997 this circular explains the substance of the provisions of the disclosure scheme 2 the voluntary disclosure of income scheme, 1997 shall come into force from the 1st day of july, 1997.
Voluntary disclosure of income scheme latest breaking news, pictures, videos, and special reports from the economic times voluntary disclosure of income scheme blogs, comments and archive news on economictimescom. The voluntary disclosure of income scheme was launched by on the 18th of june, 1997 it continues for six months until the 31st of december, 1997 it was launched by the central board of direct taxes. This is a voluntary disclosure because the civil compliance project involving the scheme does not yet directly relate to the specific liability of the taxpayer a disclosure made by an individual who has not filed tax returns after the individual has received a notice stating that the irs has no record of receiving a return for a particular year and inquiring into whether the taxpayer filed a return for that year.
This is the official website of the voluntary asset and income declaration scheme (vaids) the scheme provides an opportunity for nigerians with assets and income that are undeclared as well as outside of the tax dragnet to declare those assets and income. Many of us have forgotten the voluntary disclosure of income scheme (vdis) 1997, which he announced when he was finance minister with the united front government, granting income-tax defaulters indefinite immunity from prosecution under the foreign exchange regulation act, 1973, income tax act, 1961, wealth tax act, 1957, and companies act, 1956, in exchange of self-valuation and disclosure of income and assets. The voluntary disclosure of income scheme (vdis) was a very unconventional but successful step among indian economic policies it would give an opportunity to the income tax or wealth tax defaulters to disclose their undisclosed income at the prevailing tax rates.
The voluntary disclosures program (vdp) gives you a second chance to correct a tax return you previously filed or to file a return that you should have filed if you file a vdp application and it is accepted by the canada revenue agency (cra) you will have to pay the taxes owing, plus interest in part or in full. Short for voluntary assets income declaration scheme, vaids is an initiative designed to encourage voluntary disclosure of previously undisclosed assets and income for the purpose of payment of all outstanding tax liabilities defaulters are obliged to make full and honest disclosure in return for some incentives – waiver of interest and. This is a voluntary disclosure because the civil compliance project involving the scheme does not yet directly relate to the specific liability of the taxpayer and because all other elements of (3), above are met.