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  Registered taxpayers who have ad find ditional disclosures to make, have not been filing returns, or has been underpaying or under remitting, are also eligible to key into the scheme. 12-MONTH GRACE PERIOD FOR DEFAULTERS Unlike VAIDS that had a nine-month window for tax defaulters, the new VOARS will provide a 12-month window for individual, entities and intermediaries who are in default of their offshore tax l house iabilities to get their affairs in order. The executive order applies to a 30-year assessment period. “The Scheme shall provide a twelve (12) month period commencing from 2018 for taxpayers who are in default to declare their offshore assets and income from sources outside Nigeria relating to the preceding thirty (30) years of assessment,” the order reads. 35 PERCENT ONE-TIME LEVY The order highlights how defaulters could successfully regularise their offshore assets, thereby validating the process. Defaulters have the option to “voluntarily elect to

  Registered taxpayers who have additional disclosures to make, have not been filing returns, or has been underpaying or usatimes.cc under remitting, are also eligible to key into the scheme. 12-MONTH GRACE PERIOD FOR DEFAULTERS Unlike VAIDS that had a nine-month window for tax defaulters, the new VOARS will provide a 12-month windo usanews.cc ore tax liabilities to get their affairs in order. The executive order applies to a 30-year assessment period. “The Scheme shall provide a twelve (12) month period commencing from 2018 for taxpayers who are in default to declare their offshore assets and income from sources outside Nigeria relating to the preceding thirty (30) years of assessment,” the order reads. 35 PERCENT ONE-TIME LEVY The order highlights how defaulters could successfully regularise their offshore assets, thereby validati news ng the process. Defaulters have the option to “voluntarily elect to regularise their tax status for all the relevant years by

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