NEWS ~ Buhari Signed A New Executive Order To Check mate Tax Evasion.

President Buhari have signed a new Executive order number Eight (E0 008) which is known as Voluntary Offshore Assets Regulation Scheme (VOARS).

According to the press released on Monday 10 October 2018 by the Official Spokesperson on the president of the federal Republic of Nigeria, Garba Shehu. The order is mandating Nigerian taxpayers who hold offshore assets and income to declare those assets voluntarily and pay tax on them.

The new executive order which takes effect from October 8, 2018. Was set up in Switzerland for all categories of taxpayers whose federal government says have defaulted in the declaration of offshore assets and payment due taxes.

In other to avoid the abuse of this process, according to the federal government the "Scheme is open to all persons, entities, and their Intermediaries holding offshore assets and are in default of their tax obligations in any way"

"The sad reality is that efforts to recover these taxes from defaulters through litigation are often frustrated by the complications caused by the change in the character and nature at such assets, insufficient financial intelligence."

By: Ebere Onwuegbuchulam

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