President Buhari Signs Executive Orders to Curb Money Laundering

North East

In line with stepping up regulations and tightening money laundering rules, President Buhari has released eight new executive order tagged Voluntary Offshore Assets Regularization Scheme.

According to a statement by senior special assistant, media, Garba Shehu, the new Executive Order takes effect from October the 8th, this year.

Shehu said Nigerian taxpayers who hold offshore assets and incomes are expected to declare voluntary those assets and pay taxes on them within a period of 12 months.

According to the order, taxpayer who pays a one-time levy of 35 percent on the total offshore assets or pays all outstanding taxes will get immunity from prosecution for tax offenses.

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Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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