The Muhammadu Buhari administration is stepping up the regulations on money laundering and tax evasion by releasing a new Executive Order tagged ‘Voluntary Offshore Assets Regularisation Scheme (VOARS).’

The new Executive Order (008) takes effect from October 8, the day it was signed by President Muhammadu Buhari.

According to a spokesperson of Mr. Buhari, Garba Shehu, by the new order, Nigerian taxpayers who hold offshore assets and income 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,” Mr Shehu said in a statement Wednesday.

He also said that 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.”

He said in accordance with the new order, the federal government, through the office of the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, 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, he said, 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.”

In signing the order, Mr Shehu said Mr Buhari noted that under Nigerian law, every citizen has the duty to declare his or her income and assets and pay taxes on them but regretted that this, in most instances, had not been the case.

“The sad reality is that efforts to recover these taxes from defaulters through litigation are often frustrated by the complications caused by the change in the character and nature of such assets, insufficient financial intelligence, long delays in courts, among several other reasons,” the presidential aide said.

President Buhari is optimistic that the new scheme will help to facilitate the expedient regularisation of offshore assets connected to Nigeria and lead to “a new expanded tax base for the federal government, and also fund the Nigeria Infrastructure Fund in Switzerland,” he said.

FarahAideed:
Buhari has gone mad ...The executive order is not even clear at all? Is it targeted at assets made from earnings in Nigeria ( earnings already taxed in Nigeria) or Asset owned offshore as result of income earned offshore ? Buhari is not sensible at all!!!

This is Clearly a ploy to arrest and lock up Atiku for Tax evasion ........I can read the dullard like a book

FarahAideed:
Buhari has gone mad ...The executive order is not even clear at all? Is it targeted at assets made from earnings in Nigeria ( earnings already taxed in Nigeria) or Asset owned offshore as result of income earned offshore ? Buhari is not sensible at all!!!

This is Clearly a ploy to arrest and lock up Atiku for Tax evasion ........I can read the dullard like a book

“The sad reality is that efforts to recover these taxes from defaulters through litigation are often frustrated by the complications caused by the change in the character and nature of such assets, insufficient financial intelligence, long delays in courts, among several other reasons,” the presidential aide said.

Jaideyone:
see a lot of illiterates insulting buhari when it's obvious developed countries have similar laws


a simple Google search could have saved this multitude from embarrassing themselves.


btw 99.9999% of the people crying don't even own a pin abroad o


https://www.telegraph.co.uk/finance/personalfinance/expat-money/9760320/How-to-escape-the-offshore-property-tax-trap.html

https://international-adviser.com/surprise-dip-offshore-held-property-tax/


https://www.which.co.uk/money/tax/income-tax/tax-on-property-and-rental-income/tax-on-overseas-property-acq0f5m4vw5v

Nbote:
Lolzzz... With each passing day dis govt jus proves how absolutely clueless dey are... How do U expect to collect taxes on properties in other countries? Are U d one providing infrastructures and facilities those properties enjoy?

Racoon:
What utter cluelessness! Violating the sovereignity of a country by coming to collect tax therein? Are Nigerians residing off-shore not paying taxes already to their host countries

See how the president is disgracing Nigeria still by exporting his cluelessness internationally This will definitively lead to diplomatic row with any country concerned.Any wonder he have F9 in economics and maths?