- 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.”
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