Summary
The Federal Government has launched the Voluntary Offshore
Assets Regularization Scheme (VOARS or the Scheme). Reportedly, the
Scheme is effective 8 October 2018, being the date the Executive
Order 008 (Order) was signed by President Muhammadu Buhari. The
Scheme, which is expected to last for 12 months, provides a
platform for Nigerian 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 related to those offshore assets.
Details
Although the Order is yet to be published, it is reported that
it would require Nigerian taxpayers who hold offshore assets to
voluntarily declare those assets and pay taxes on them within a
period of 12 months in exchange for certain specified benefits.
