ARTICLE · 17 JUNE 2020

Nigerian Government Issues Amendments To Order On Voluntary Offshore Assets Regularisation Scheme (VOARS)

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Nigeria's President has issued an executive order amending the Executive Order 008 of 2018 on the Voluntary Offshore Assets Regularisation Scheme (VOARS).

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Nigeria's President has issued an executive order amending the Executive Order 008 of 2018 on the Voluntary Offshore Assets Regularisation Scheme (VOARS). The Amendment Order is officially known as the Voluntary Offshore Assets Regularisation Scheme Amendments 2019 (the Amendment Order).

Highlights

The Attorney General of the Federation is required to set up a VOARS office within the Nigerian Financial Intelligence Unit (NFIU).
Relevant persons who are in default are given a period of 30 months, commencing from 8 October 2019 to declare offshore assets acquired during the 30-years period from 1987 to 2017
Declarants would be able to regularise their offshore assets by voluntarily paying a 35% one off fine/levy on the disclosed offshore assets.

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