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The President of the Federal Republic of Nigeria on Monday 8th October 2018, signed an Executive Order 008, titled “Voluntary Offshore Assets Regularisation Scheme (“VOARS” or “Scheme”).

According to the Order, the office of the Attorney General of the Federation and Minister of Justice has a mandate to set up a Scheme for all categories of taxpayers who have defaulted in the declaration of their offshore assets, payment of taxes due and collectible subject to the fulfilment of the terms and conditions stipulated by it.  The Scheme aims to provide an opportunity for taxpayers to regularize their offshore assets, pay taxes or levies due, commit to avoid tax evasion and ensure full tax compliance going forward.  The scheme commences from the date of the Order and shall be in operation for 12 months.