Home | News | General | ‘There’ll be severe penalties’ — Buhari signs amended order on foreign assets taxation
Many of our laws are dead -Senate spokesman
COVID-19: Accept failure – PDP mocks Buhari

‘There’ll be severe penalties’ — Buhari signs amended order on foreign assets taxation






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.

“I have signed an Amendment to Executive Order 008, on the Voluntary Offshore Assets Regularization Scheme (VOARS). This Amendment will strengthen the implementation and enforcement of the Order, which I originally signed in October 2018,” he tweeted.

“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.

Click to signup for FREE news updates, latest information and hottest gists everyday

Advertise on NigerianEye.com to reach thousands of our daily readers

CLICK HERE TO READ MORE FROM: General Visit website



Loading...

view more articles

About Article Author

Chuka (Webby) Aniemeka
Chuka (Webby) Aniemeka

Chuka is an experienced certified web developer with an extensive background in computer science and 18+ years in web design &development. His previous experience ranges from redesigning existing website to solving complex technical problems with object-oriented programming. Very experienced with Microsoft SQL Server, PHP and advanced JavaScript. He loves to travel and watch movies.

View More Articles

100 Most Popular News

1 2 Displaying 1 - 100 of 154