Buhari Signs Executive Order That Will Compel Nigerians To Pay Tax On Foreign Assets
President Muhammadu Buhari has assented a new executive order which among other things compels Nigerians with offshore assets and incomes to pay taxes on them.
The new Executive Order (008) takes effect from October 8, the day it was signed by President Muhammadu Buhari.
According to a spokesperson of Mr. Buhari, Garba Shehu, by the new order, Nigerian taxpayers who hold offshore assets and income are expected to, within a period of 12 months, declare voluntarily those assets and pay taxes on them.
“When they do this, they should expect to derive certain specified benefits,” Mr Shehu said in a statement Wednesday.
He also said that “according to the order, any taxpayer who truthfully and voluntarily complies with the conditions of the scheme, pays a one-time levy of 35 percent 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 offenses 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.”