The president has signed a new Executive Order (EO 008), the Voluntary Offshore Assets Regularization Scheme (VOARS), mandating Nigerian taxpayers who hold offshore assets and incomes to, within a period of 12 months, voluntarily declare those assets and pay taxes on them.
We are stepping up the fight against corruption, targeting money laundering and tax evasion. The new Executive Order takes effect from Monday, October 8, 2018.
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.
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.