The quest to get more people into the tax net continues long after the Voluntary Asset and Income Declaration Scheme ended.

On Monday, President Muhammadu Buhari signed another Executive Order 008 entitled: ‘Voluntary Offshore Assets Regularisation Scheme’.

This has now stepped up the regulations on money laundering and tax evasion by the government.

According to a statement on Wednesday by his Senior Special Assistant on Media and Publicity, Garba Shehu, the new Executive Order took effect from Monday when Buhari signed it.

Shehu explained that with the signing of the order, Nigerian taxpayers who held offshore assets and incomes were expected to, within 12 months, voluntarily declare those assets and pay taxes on them.

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“Any taxpayer who truthfully and voluntarily complies with the conditions of the scheme pays a one-time levy of 35% on the total offshore assets or pays all outstanding taxes, penalties and interest after forensic audit of their offshore assets and income shall obtain immunity from prosecution for tax offences and offences related to offshore assets, among others.

“Equally, failure of any defaulting taxpayer to take advantage of this scheme shall, at the expiration of the scheme, result in investigation and enforcement procedures concerning offshore assets anywhere in the world pursuant to information now readily available through automatic exchange of information between Nigeria and foreign countries.”

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