PRESIDENTIAL EXECUTIVE ORDER ON THE VOLUNTARY OFFSHORE ASSETS REGULARIZATION SCHEME (VOARS)
Order · Finance
A Presidential Executive Order establishes a scheme for Nigerians to declare offshore assets and pay a levy. It targets individuals and companies with undeclared foreign holdings. This encourages tax recovery and brings assets into the formal economy.
PRESIDENTIAL EXECUTIVE ORDER ON THE VOLUNTARY OFFSHORE ASSETS REGULARIZATION SCHEME (VOARS)
What Is This Policy?
A presidential executive order that established the Voluntary Offshore Assets Regularization Scheme, allowing Nigerians with offshore assets and income to declare them, pay a levy, and be absolved of related criminal liability.
Who Does It Target?
Nigerian individuals and companies with undeclared offshore assets Nigerians with foreign bank accounts, property, or investments not disclosed to Nigerian tax authorities Corporate entities with offshore subsidiaries or hidden foreign income
What Does It Aim to Achieve?
Encourage voluntary disclosure of foreign assets, recover tax revenues lost through offshore concealment, bring assets back into the formal economy, and grant immunity from prosecution for qualifying disclosures.
Key Features
Voluntary Declaration Window: Provided a time-limited window for Nigerians to declare previously undisclosed offshore assets without prosecution. Levy Structure: Declarants pay a flat levy of 35% on the total value of offshore assets declared in lieu of back taxes, penalties, and interest. Criminal Immunity: Qualifying declarants receive immunity from criminal prosecution for offences related to the undisclosed assets once the levy is paid. FIRS Administration: The Federal Inland Revenue Service administers the scheme and processes declarations.
Current Status
Rollout Stage: Scheme launched; ongoing enforcement for non-declarants Coverage: All Nigerians with offshore assets regardless of country of domicile Beneficiaries: Nigerian treasury through recovery of undisclosed asset levies Funding: Revenue measure
How to Access
Submit a voluntary disclosure form to FIRS Provide full details of all offshore assets and their valuation Pay the 35% levy within the prescribed period Application method: Apply through the Federal Inland Revenue Service (FIRS) VOARS portal.
Important Terms
Immunity applies only to assets declared; undisclosed assets remain subject to prosecution False declarations invalidate the immunity Post-scheme period: FIRS uses international exchange of information to identify non-declarants
Impact & Metrics
Signalled Nigeria's commitment to tackling illicit financial flows and generated additional tax revenue from previously hidden offshore wealth.
Official Resources
Website: https://www.firs.gov.ng Contact: Federal Inland Revenue Service (FIRS)
Legal Framework
Issued under the Presidential powers vested by Section 5 of the 1999 Constitution. Operates alongside the Money Laundering Prohibition Act, the Economic and Financial Crimes Commission Act 2004, the Federal Inland Revenue Service Establishment Act 2007, the Companies Income Tax Act 2004, and the FATF (Financial Action Task Force) recommendations on tax crimes.