His Excellency, President Muhammadu Buhari, GCFR, on 8 October 2018 signed Executive Order No. 008 (“the Order”) authorizing the Attorney-General of the Federation and Minister of Justice to set up a Voluntary Offshore Assets Regularization Scheme in Switzerland (VOARS or “the Scheme”).
The Scheme applies to all persons, entities and their intermediaries who hold offshore assets and are in default of their tax liabilities, including those who:
(a) are not already under investigation by law enforcement agencies in Nigeria or any other country and have not been charged with anycrimes;
(b) own offshore assets (such as liquid assets, stocks and bonds held in portfolio, insurance policies, property assets, etc.) but are yet to declare them to relevant authorities;
(c) earn income on offshore assets but are yet to declare such income to relevant tax authorities (RTAs);
(d) are registered taxpayers who have additional disclosures to make or need to amend prior disclosures and/or are registered but have not been filing returns;
(e) have not been fully declaring their taxable income and offshore assets, or have been underpaying or under-remitting taxes; and
(f) are under a process of tax audit or investigation with the RTA and/or engaged in tax dispute with the RTA but are prepared to settle the tax dispute out of court.
Click to download and read more on the Executive Order 008 on VOARS.
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