Nigeria’s President and GCON, Muhammadu Buhari has passed an executive order number eight called Voluntary Offshore Assets Regularization Scheme ( VOARS ) into law in a bid to checkmate and regulate tax evasions and money laundering.
The executive order 008 took effect from October 8th, 2018 the day it was signed by the President, as announced by the Media and Publicity Senior Special Assistant to the President, Garbage Shehu.
The announcement said; “ By this order , 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 . When they do this , they should expect to derive certain specified benefits, ”
Part of the executive order read; “ In accordance with the new order , the Federal Government , through the office of the Attorney -General of the Federation and Minister of Justice will set up a VOARS in Switzerland for all categories of taxpayers who have defaulted in the declaration of their offshore assets , payment of taxes due and collectible subject to the fulfillment of the terms and conditions as stipulated in the order , or any other subsequent complementary regulations that follow .
“ To avoid the abuse of this process , the Federal Government makes clear that the “ scheme is open to all persons , entities , and their intermediaries holding offshore assets and are in default of their tax obligations in any way, including those who are not already under investigation by law enforcement agencies in Nigeria or any other country and have not been charged with any crimes including theft of public funds or obtaining offshore assets through corrupt practices. ”