Introduction
The Nigerian Government's relentless drive to boost non-oil
revenue is clearly evident with intensified audits, increase in
treaty networks, promulgation of new Transfer Pricing Regulations
and the launch of tax amnesty schemes. While the already concluded
Voluntary Assets and Income Declaration Scheme (VAIDS) was
applauded by various stakeholders, including taxpayers and tax
authorities alike, the recently introduced Voluntary Offshore
Assets Regularization Scheme (VOARS or the scheme) has not received
similar accolades. The VOARS, which was introduced by the
Presidential Executive Order 008 (VOARS Order) on 8 October 2018,
provides a platform for taxpayers, who have defaulted in the
payment of taxes, to voluntarily declare their offshore assets in
exchange for a one-time levy of 35% on all offshore assets and
immunity from prosecution for tax offences and other offences
related to those offshore assets.
