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.
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