Executive Order 008: Voluntary Assets Regularization Scheme (VOARS)

The Federal Government of Nigeria (“FGN”),on Monday 8th October 2018, signed a new
Executive Order (008) (the Order) tagged Voluntary Offshore Assets Regularization
Scheme (VOARS or the Scheme). The Order, which is for a period of twelve (12) months, is aimed at combating money laundering and tax evasion. It also creates an expanded tax base for the Federal Government of Nigeria.

The Scheme gives all taxpayers, who hold offshore assets and incomes, the opportunity to voluntarily declare their offshore assets and income within a period of twelve (12) months.

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