preceding thirty (30) years of assessment,”

 

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 paying a one-time levy of 35% of their offshore assets in lieu of all outstanding taxes, penalties and interest.”

The 35 percent levy will be paid to federal government “in the manner prescribed by regulations governing the Scheme, or for those who choose forensic audit, consent that the assessment of tax payable will be carried out by the relevant Tax Authority.”

DECLARATION THROUGH SWITZERLAND INTERMEDIARY

Another option would be to regularise their tax status by accessing a specific government chosen “disclosure facility” located in Switzerland, in order to obtain an eligibility certificate.

“The disclosure must be made through the Voluntary Offshore Assets Regularization Facility in Switzerland (VOARFS), the qualified intermediary of FGN rendering services for this purpose,” the order read.

“The disclosure must be made using the disclosure pack provided by the Voluntary Offshore Assets Regularization Facility in Switzerland (VOARFS) or in any other form or manner as may be prescribed by Regulations governing the Scheme.”

‘IMMUNITY’ FOR FULL COMPLIANCE

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