Buhari signs VOARS, initiative against money laundering and tax evasion.   

15 October 2018 : President Buhari recently signed an executive order tagged the Voluntary Offshore Assets Regularization Scheme (VOARS). The order is an anti-money laundering and tax evasion initiation which requires Nigerian taxpayers to declare all offshore assets and incomes. The order states: “Any taxpayer who truthfully and voluntarily complies with the conditions of the scheme pays a one-time levy of 35% on the total offshore assets, or all outstanding taxes, penalties and interest after forensic audit”. The government is optimistic that the scheme will help expand the tax base and avoid the failings of the Voluntary Assets & Income Declaration Scheme, the government’s tax amnesty which missed its revenue targets. 

Reporting for EasyKobo on Monday ,15 October 2018 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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