Nigeria:
A New Executive Order On Voluntary Offshore Assets Regularisation Scheme (VOARS) Has Been Introduced
12 October 2018
PwC Nigeria
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A new Executive Order (008) which takes effect from 8 October
2018 has been signed by President Muhammadu Buhari.
According to the new order, eligible persons who hold offshore
assets and income are expected to declare voluntarily within 12
months and pay either a one-time levy of 35 percent or the
applicable taxes plus penalties and interest.
Benefits to taxpayers who take advantage of the scheme include
immunity from prosecution for tax offences and illicit offshore
assets. Persons already under investigation for financial crimes or
other corrupt practices in respect of such offshore assets are not
eligible.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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