President Muhammadu Buhari has released a new Executive Order into law.
The new order is meant to regulate money laundering and tax evasion.
The President released the new Executive Order number eight, tagged “Voluntary Offshore Assets Regularization Scheme, VOARS,” on Wednesday
The new Executive Order (008) took effect from Monday, October 8, 2018, the day it was signed by President Muhammadu Buhari.
The Senior Special Assistant to the President on Media and Publicity Garba Shehu, made this known in a Facebook post on Wednesday.
Nigerian taxpayers who hold offshore assets and incomes are expected to, within a period of 12 months, declare voluntarily those assets and pay taxes on them by the order.
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 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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