President Buhari signs a new Executive Order 8

President Buhari has signed a new Executive oder 8 tagged "Voluntary Offshore Assets Regularization Scheme, (VOARS)". This order is part of his administration's efforts to step up regulations on money laundering and tax evasion.

EO8 prescribes that Nigerian taxpayers with offshore assets and income are expected to, within 12months voluntarily declared said assets/income and pay tax on them. Compliance will earn defaulters immunity from prosecution for tax offences and offenses related to offshore assets.

Taxpayers are expected to truthfully and voluntarily comply with the conditions of the scheme, pay one time levy of 35% on the total offshore assets or pay all outstanding taxes, penalties and interest after forensic audit of their offshore assets and income to earn such benefits.

The Executive oder 8 took effect from Monday, October 8, 2018, the day it was signed by the President.

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