An Overview Of The Voluntary Offshore Assets Regularization Scheme

The Nigerian Government's drive to boost non-oil revenue is clearly evident with intensified tax audits, increase in treaty networks, promulgation of new Transfer Pricing Regulations and the launch of tax amnesty schemes. While the recently concluded Voluntary Assets and Income Declaration Scheme (VAIDS) was applauded by various stakeholders, the newly introduced Voluntary Offshore Assets Regularization Scheme (VOARS or the Scheme) has not received similar commendations.

The VOARS, which was introduced by Presidential Executive Order 8 (VOARS Order) on 8 October 2018 seeks to provide an incentive for taxpayers who have defaulted in the payment of taxes in respect of their offshore assets and foreign-sourced income to voluntarily declare their offshore assets and regularize their tax affairs.