Nigeria’s Attorney General, Abubakar Malami has said the government will prosecute Nigerians who evade Tax on assets abroad.
The AGF also threatened that banks and intermediaries assisting Nigerians conceal properties abroad will be fined in equivalent to the cost of the property.
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For defaulters who may be tempted to continue concealment of their offshore assets, Executive Order 008 as amended stipulates that any domestic or foreign bank, asset manager or intermediary that cooperates with defaulters, enabling them to conceal offshore assets and obligations pertaining to them shall, upon discovery, be liable to pay to the federal government a penalty on the total of such offshore assets, in addition to other penalties provided for under Nigerian laws or laws of foreign countries from which Nigeria can benefit,” the AGF said in a statement.
He further asked present defaulters to take advantage of the voluntary offshore assets regularisation scheme implemented by the Federal Government to regularise the declarations of their assets abroad.
VOARS gives all relevant persons and their intermediaries who have defaulted in the declaration of their offshore assets the opportunity to voluntarily declare and regularise their offshore assets.
“The federal government hopes that relevant persons amongst Nigerians, Nigerian entities and their intermediaries will seize the opportunity provided by VOARS to declare and regularise their offshore assets before it is too late.
“Relevant persons who voluntarily declare their offshore assets and pay the stipulated levy to the federal government will receive compliance certificates which allow them to use their residual assets freely without hindrance.”
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