In the United States, a Voluntary Disclosure Agreement (VDA), is a program whereby taxpayers can receive certain benefits from proactively disclosing prior period tax liabilities in accordance with a binding agreement. Most states offer Voluntary Disclosure Agreements to encourage companies to comply with a state's tax laws and in turn generate revenue for the state that it may not have had if the company did not come forward and disclose its liabilities. Additionally, the state can generate future revenue by having a company register in their state to collect and remit certain taxes.
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Famous quotes containing the words voluntary and/or agreement:
“Men are not therefore put to death, or punished for that their theft proceedeth from election; but because it was noxious and contrary to men’s preservation, and the punishment conducing to the preservation of the rest, inasmuch as to punish those that do voluntary hurt, and none else, frameth and maketh men’s wills such as men would have them.”
—Thomas Hobbes (1579–1688)
“That which corrodes the souls of the persecuted is the monstrous inner agreement with the prevailing prejudice against them.”
—Eric Hoffer (1902–1983)