taxpayers who have additional disclosures to
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 regularise their tax status for all the
relevan
business t 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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