Nigeria’s Minister Of Justice, Abubakar Malami has vowed on behalf of the federal government to prosecute anyone found guilty of evading payment of tax on foreign properties.
The Attorney-General of the Federation through a statement signed by his Spokesman, Umar Gwandu, advised defaulters to take advantage of the voluntary offshore assets regularisation scheme (VOARS) to declare and regularise their assets.
The statement read, “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 order, which operates through the Voluntary Offshore Assets Regularisation Scheme, is targeted at Nigerian citizens resident in Nigeria but own properties in foreign jurisdictions.
Meanwhile in another development, Naija News Understands that the attorney-general of the federation, has denied owning the firm engaged by his office to recover “oil profits” from international oil firms.
Speaking in a statement issued Special Assistant on Media and Public Relations, the Minister reiterated his stance that engagement of recovery agents was neither propelled by any ulterior motive nor about the gratification of any personal desire through any percentage to be given to or by the recovery agent, but of an unflinching patriotic commitment to get back to the country the revenue it deserves.
“It’s the same Federal Government that engaged the Trobell in the recovery of the unpaid Federal Government revenue that asked the agency to step down based on the stakeholders meeting held,” the statement read.