FG offers amnesty to owners of undeclared offshore assets

FG offers amnesty to owners of undeclared offshore assets

- Tax amnesty and permanent waiver of criminal prosecution have been given to owners of offshore assets that are willing to voluntarily declare them

- Federal government said the immunity package would shield the owners from tax offences, penalties and interests concerning such declared offshore assets

- The government earlier commended for the prompt payment of former agitators of the Niger Delta region monthly stipends

The federal government on Tuesday, April 2, declared that it has endorsed tax amnesty and permanent waiver of criminal prosecution to owners of offshore assets that are willing to voluntarily declare them.

Abubakar Malami, attorney general of the federation and minister of justice, made this known at the unveiling ceremony of the Voluntary Offshore Assets Regularization Scheme (VOARS) in Abuja.

The Nation reports that Malami said the VOARS was a scheme that was initiated by the Swiss Consortium with a view to facilitating the regularization of offshore assets owned by Nigerians.

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According to him, “It is expected that those funds owned by Nigerians that are not in the system will be voluntarily declared by the owners.

“Please note further that when funds are voluntarily declared by the owners, federal government of Nigeria will deduce thirty-five percent (35%) recoveries while two and half percent (2 1/2%) will be charged as administrative fees for purpose of assessing the funds while sixty-three percent (63%) will be registered in the system to become taxable in Nigeria.

“The Infrastructure fund will serve as a proposed investment facility, where the federal government of Nigeria will have minimal investment, with the matching investments from banks and prospective international investors as well as Nigerians, holders of the sixty-three percent (63%) who are expected to invest into this fund with the view of financing Nigerians infrastructure and bridging the deficient all attracting foreign direct investment.

“I wish to solicit the cooperation of all Nigerians to key into this initiative. Just like the Voluntary Assets and Income Declaration Scheme (VAIDS), the rationale for the VOARS is to provide an opportunity for taxpayers or amnesty for tax defaulters to voluntary declare their offshore assets and income from sources outside Nigeria relating to the preceding thirty (30) years of assessment and in return obtain some benefit like: “Permanent waiver of criminal prosecution for tax offences and offences related to the offshore assets, penalties and interests concerning such declared offshore assets.

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“Immunity from tax audit of the declared and regularized offshore assets; waiver of interest and penalties on the declared and regularized offshore assets.

''Our strategy to create over 600,000 jobs in Abia state. Receive from federal government of Nigeria an Offshore Assets Regularization Compliance Certificate on the declared and regularized offshore assets; and be free to use or invest their duly regularized residual offshore assets in any manner in Nigeria or overseas, and be subject only to annual tax to federal government of Nigeria on the income earned on such residual offshore assets.”

Legit.ng previously reported that former agitators of the Niger Delta region hailed the federal government for the prompt payment of their monthly stipends.

General Godstime Ogidigba, coordinator of the phase three of the ex-Niger Delta agitators’ leadership forum, gave the commendation in a statement in Benin on Sunday, March 24.

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Source: Legit.ng

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