President Mohammadu Buhari has mandated  Nigerians taxpayers who hold offshore Assets and Incomes to within  a period of 12 months  voluntarily declare those assets and pay taxes on them.

 

According to report, Buhari signed a new Executive Order (EO 008), the Voluntary Offshore Assets Regularization Scheme (VOARS).

 

The Office of the Attorney-General and Minister of Justice has been mandated to set up a VOARS in Switzerland for all categories of taxpayers who have defaulted in the declaration of offshore assets and payment of due taxes.

 

The new (VOARS) states that Defaulting taxpayers who fail to take advantage of VOARS will, at the expiration of the scheme, be subject to investigation and enforcement procedures. With the Automatic Exchange of Information between Nigeria and foreign countries, there will be no hiding place for anyone.