Abubakar Malami, attorney-general of the federation (AGF),
says the federal government will prosecute Nigerians refusing to pay tax on
their properties in foreign countries.
Malami, in a statement on Thursday, said any bank or
intermediary that is found to have helped any citizen conceal foreign
properties will pay a fine equivalent to the cost of the property.
“For defaulters who may be tempted to continue concealment
of their offshore assets, Executive Order 008 as amended stipulates that any
domestic or foreign bank, asset manager or intermediary that cooperates with
defaulters, enabling them to conceal offshore assets and obligations pertaining
to them shall, upon discovery, be liable to pay to the federal government a
penalty on the total of such offshore assets, in addition to other penalties
provided for under Nigerian laws or laws of foreign countries from which
Nigeria can benefit,” he said.
The AGF asked defaulters to take advantage of the voluntary
offshore assets regularisation scheme (VOARS) to declare and regularise their
assets.
“Executive Order 008 as amended mandates the AGF to set up
and implement a voluntary offshore assets regularisation scheme referred to as
‘VOARS,” he said
“VOARS gives all relevant persons and their intermediaries
who have defaulted in the declaration of their offshore assets the opportunity
to voluntarily declare and regularise their offshore assets.
“The federal government hopes that relevant persons amongst
Nigerians, Nigerian entities and their intermediaries will seize the
opportunity provided by VOARS to declare and regularise their offshore assets
before it is too late.
“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.”
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