President Muhammadu Buhari has signed an amendment to
executive order 8 on voluntary offshore assets regularisation scheme (VOARS).
First signed in October, 2018, the order grants offshore
assets owners a 12-month window to declare and pay tax on their assets.
It is similar to the voluntary assets and income declaration
scheme (VAIDS) backed by an executive order signed by Vice-President Yemi
Osinbajo in June 2017 — with the offshore assets component marking the only
difference between both schemes.
In a tweet on Friday, the president said the amendment will
strengthen enforcement of the order.
“VOARS grants Nigerians and Nigerian entitles, who have
defaulted in declaration of offshore assets, the opportunity to voluntarily
declare and regularize these assets. There will be severe penalties for
defaulters, and for the financial institutions that enable them.”
Details of the amended order were not provided.
Earlier, Abubakar Malami, attorney-general of the federation
(AGF), asked defaulters to take advantage of the scheme to declare and
regularise their assets.
“Relevant persons who voluntarily declare their offshore
assets and pay the stipulated levy to the federal government will receive
compliance certificates which allow them to use their residual assets freely
without hindrance,” he had said.
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