As part of efforts to regulate money laundering and tax evasion, President Muhammadu Buhari has released another executive order to that effect.
The President released the new Executive Order number eight, tagged “Voluntary Offshore Assets Regularization Scheme, VOARS,” on Wednesday.
The Senior Special Assistant to the President on Media and Publicity Garba Shehu, made this known in a Facebook post on Wednesday.
Report says 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.
The order According to Shehu, states that 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 offences and offences related to offshore assets, among others.
Similarly, 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.