A new Executive Order tagged 'Voluntary Offshore Assets Regularisation Scheme (VOARS)' will target money laundering and tax evasion in Nigeria.
The Muhammadu Buhari administration is stepping up the regulations on the VOARS, with effects taking place on Monday, the day it was signed by the president.
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, according to the new order.
“When they do this, they should expect to derive certain specified benefits,” spokesperson of Buhari, Garba Shehu, said of the new order.
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.”