Business
FG unveils Voluntary Offshore Assets Regularisation Scheme
Abubakar Malami, Attorney General of the Federation and Minister of Justice
In a bid to expand the country’s tax net, the Federal Government of Nigerian Government on Tuesday launched the Voluntary Offshore Assets Regularisation Scheme (VOARS)
The scheme was designed to encourage foreign investments to develop infrastructure in Nigeria, said
, Attorney General of the Federation and Minister of Justice, at the unveiling ceremony in Abuja.
He explained that the VOARS was an idea initiated by the Swiss Consortium with a view to facilitating regularisation of offshore assets owned by Nigerians.
Malami called on Nigerians to key into the initiative, assuring that when funds were voluntarily declared by the owners, the government would grant a permanent waiver of criminal prosecution for tax offences and offences related to offshore assets.
He added that this includes immunity from tax audit of the declared and regularised offshore assets.
The Minister of Finance, Mrs Zainab Ahmed, and the Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler were some of the personalities that graced the unveiling ceremony.
