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Executive Order to Tax Nigerians’s Foreign Assets Signed by President Buhari
Colossus Gists  - In its bid to step up the regulations on money laundering and tax evasion, the Buhari administration has released a new Executive Order number eight, tagged Voluntary Offshore Assets Regularization Scheme (VOARS).


According to the President's top media aide, Garba Shehu, the new Executive Order (008) takes effect from Monday, October 8, 2018, the day it was signed by President Buhari.


By this order, Nigerian taxpayers who hold offshore assets and incomes are expected to, within a period of 12 months, declare voluntary those assets and pay taxes on them. When they do this, they should expect to derive certain specified benefits.


According to the order,

“any taxpayer who truthfully and voluntarily complies with the conditions of the scheme, pays a one-time levy of 35 percent on the total offshore assets or pays all outstanding taxes, penalties and interest after forensic audit of their offshore assets and income shall obtain immunity from prosecution for tax offenses and offences related to offshore assets, among others.

“Equally, failure of any defaulting taxpayer to take advantage of this scheme shall, at the expiration of the scheme result in an investigation and enforcement procedures concerning offshore assets anywhere in the world pursuant to information now readily available through automatic exchange of information between Nigeria and foreign countries.”


Submitted 10 days ago by Colossus Gists
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 Additional Sources

Two lawyers, Ikenga Ugochinyere and Mr. Keneth Udeze have lost their bid to challenge the Executive Order No.6 issued by President Muhammadu Buhari and which provides for the interim seizure of assets linked to ongoing criminal trials and investigations ...
This Day
…Insists seizure must be in line with the Constitution, court order The Federal High Court in Abuja, on Thursday, held that Presidential Executive Order 6…
Daily Times
A Federal High Court sitting in Abuja on Thursday upheld the constitutionality of the Presidential Executive Order No. 6 of 2018 recently signed by President Muhammadu Buhari for the preservation of assets connected with corruption [...]
Nigerian Tribune


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