The federal government says it will grant amnesty and permanent waiver of criminal prosecution for tax offences related to offshore assets to those willing to voluntarily declare them. The attorney-general of the federation Abubakar Malami, made this known at the unveiling of the Voluntary Offshore Assets Regularization Scheme, VOARS on Tuesday.
Malami explained that the VOARS would shield the owners from tax offences, penalties and interests concerning such declared offshore assets.
Also at the event, the minister of finance, Zainab Ahmed said that the federal government is committed to working towards achieving better tax compliance amongst its citizens and that the scheme would serve as an additional opportunity and mechanism for Nigerian citizens to continue to fulfill their tax obligations by extending the scope to offshore assets and foreign-sourced income.
Voluntary Offshore Assets Regularization Scheme VOARS was initiated by the Swiss Consortium with a view to facilitating the regularization of offshore assets owned by Nigerians, and in October, President Muhammadu Buhari signed Executive Order eight on the VOARS Scheme.