Buhari Tightens Tax, Money Laundering Rules With New Executive Order

Buhari Tightens Tax, Money Laundering Rules With New Executive Order

The administration of President Muhammadu Buhari has stepped up regulations on money laundering and tax evasion, with the release of a new Executive Order number eight, tagged Voluntary Offshore Assets Regularization Scheme (VOARS).

The new Executive Order (008) takes effect from Monday, October 8, 2018, the day it was signed by President Muhammadu Buhari.

A statement by Garba Shehu, Senior Special Assistant to the President on Media and Publicity, noted that by the order, Nigerian taxpayers who hold offshore assets and incomes are expected to, within a period of 12 months, declare voluntary those assets and pay taxes on them. When they do this, they should expect to derive certain specified benefits.

According to the order, “any taxpayer who truthfully and voluntarily complies with the conditions of the scheme, pays a one-time levy of 35 percent on the total offshore assets or pays all outstanding taxes, penalties and interest after forensic audit of their offshore assets and income shall obtain immunity from prosecution for tax offences and offences related to offshore assets, among others.

Source: Buhari Tightens Tax, Money Laundering Rules With New Executive Order