Analysis and implications of Nigeria’s new Executive Order on Voluntary Declaration of Offshore Assets

The Federal Government of Nigeria (FGN), on 8 October 2018 (Effective Date), issued Executive Order 008 (Order), backing the implementation of the Voluntary Offshore Assets Regularisation Scheme (VOARS or the Scheme).

The Scheme, which encourages voluntary declaration of offshore assets, is aimed at combating money laundering and tax evasion. In this regard, FGN plans to set up a VOARS Facility in Switzerland, as its intermediary for the implementation which will be done in conjunction with relevant authorities in Switzerland.

Kindly explore the detailed article here.

Leave a Reply