Voluntary Disclosure of Income Scheme (VDIS)

The Voluntary Disclosure of Income Scheme (VDIS) is an initiative designed to provide an opportunity for taxpayers who have previously failed to disclose all of their income or wealth to come forward and rectify their situation.

Through VDIS, you can disclose your undisclosed income and assets at prevailing tax rates. This program offers a path to resolve your tax liabilities and achieve peace of mind.

Key benefits of VDIS

• Reduced tax burden: Disclose your undisclosed income and pay taxes at the prevailing rates.
• Avoid penalties: Minimize or eliminate tax penalties associated with past omissions.
• Immunity from prosecution: Gain legal protection from prosecution under relevant tax acts. Who can participate?

VDIS is open to all taxpayers, including individuals, companies, and trusts, who have undisclosed income or wealth.

VDIS: Frequently Asked Questions

What types of income can be disclosed under VDIS?

VDIS allows disclosure of various types of undisclosed income, including:

• Income from businesses or professions not previously declared.
• Rental income from undisclosed properties.
• Capital gains from sale of assets not reported.
• Income earned abroad and not repatriated.
• What happens after I disclose my income under VDIS?

Once you disclose your income and pay the taxes due, your tax record will be regularized. You will be immune from prosecution under relevant tax acts for the disclosed income.

Are there any limitations on the type of income that can be disclosed?

VDIS may not be applicable to income derived from illegal activities. It's advisable to consult with a tax advisor for specific guidance.

What happens if I don't participate in VDIS?

If you choose not to participate, you may be liable for higher taxes, penalties, and even prosecution for tax evasion in the future.

Is there any guarantee that the tax department won't scrutinize my disclosure?

The core purpose of VDIS is to encourage voluntary disclosure. While the details of your past omissions won't be actively investigated, the disclosed income will become part of your tax record.

What are the long-term benefits of participating in VDIS?

VDIS offers a chance to achieve peace of mind by resolving past tax liabilities. It can also improve your creditworthiness and open doors to future financial opportunities.

We encourage you to take advantage of this opportunity to regularize your tax status and move forward with confidence.

A Step Towards Financial Security

The Voluntary Disclosure of Income Scheme (VDIS) presents a valuable opportunity for taxpayers to rectify past mistakes and achieve financial security. By disclosing your undisclosed income and assets, you can settle your tax obligations, avoid penalties, and gain legal immunity. VDIS offers a path to a clean slate and a chance to build a more secure financial future.