But let it not be this target.

tempest01:
You cannot tax people after the country they are domiciled in have already taxed them

I mean this order is vague and far reaching and can only be to hound opposition members this elections period.

are you sure about this ?
I think some countries do eg footballers

Angrydaveed:


President, SPACEBOOKERS ASSOCIATION OF NAIRALAND

Nairaland spacebooking monitoring Committee chairman. You're doing a great job bro.

I hope you are not a monitoring spirit in the other world too.

Your job is quite interesting. Keep up the good job.

Ya reward is with me as Presido

So this man just realized he can bypass the senate to do some things......Nigeria my Nigeria....all na political stunt....


Thunder will fire all of Una last last

Which kind of tax is this?

Offshore assets are in a different country!

Please, anyone, tell us which country is doing this successfully, mbok!

How will someone have a hotel in South Africa and pay tax to Nigerian Government?



This seems like a mad scheme to me o!

Whe are most Nigerians myopic in their thinking? None of these people who commented earlier do not know that this new Executive Order is meant to checkmate the excesses of our corrupt ex-generals that own oil wells. Na wa o, no be only leadership problem we get, followership problem dey too.

tempest01:
You cannot tax people after the country they are domiciled in have already taxed them

I mean this order is vague and far reaching and can only be to hound opposition members this elections period.

I think it's done by Ireland and US...but I don't think it's about people who pack their bags and relocate abroad to go start a business...I think it's for people who own business and pay tax in Nigeria...and still have offshore companies .speaking about dangote, zenith bank, Gtb...etc.....all na to generate more money to steal...we all know the end..may God help us..

divinehand2003:
President Muhammadu Buhari has released a new Executive Order into law.

The new order is meant to regulate money laundering and tax evasion.

The President released the new Executive Order number eight, tagged “Voluntary Offshore Assets Regularization Scheme, VOARS,” on Wednesday

The new Executive Order (008) took effect from Monday, October 8, 2018, the day it was signed by President Muhammadu Buhari.

The Senior Special Assistant to the President on Media and Publicity Garba Shehu, made this known in a Facebook post on Wednesday.

Nigerian taxpayers who hold offshore assets and incomes are expected to, within a period of 12 months, declare voluntarily those assets and pay taxes on them by the order.

When they do this, they should expect to derive certain specified benefits.

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.”

In accordance with the new order, the Federal Government, through the office of the Attorney-General of the Federation and Minister of Justice will set up a VOARS in Switzerland for all categories of taxpayers who have defaulted in the declaration of their offshore assets, payment of taxes due and collectible subject to the fulfillment of the terms and conditions as stipulated in the order, or any other subsequent complementary regulations that follow.

To avoid the abuse of this process, the Federal Government makes clear that the “scheme is open to all persons, entities, and their intermediaries holding offshore assets and are in default of their tax obligations in any way, including those who are not already under investigation by law enforcement agencies in Nigeria or any other country and have not been charged with any crimes including theft of public funds or obtaining offshore assets through corrupt practices.”

In signing the order, President Buhari noted that under the Nigerian law, every citizen has the duty to declare his or her income and assets and pay taxes on them but regretted that this, in most instances, had not been the case.

“The sad reality is that efforts to recover these taxes from defaulters through litigation are often frustrated by the complications caused by the change in the character and nature of such assets, insufficient financial intelligence, long delays in courts, among several other reasons,” the President said.

President Buhari is optimistic that the new scheme will help to facilitate the expedient regularization of offshore assets connected to Nigeria and lead to “a new expanded tax base for the Federal Government, and also fund the Nigeria Infrastructure Fund in Switzerland.”

http://dailypost.ng/2018/10/10/breaking-president-buhari-releases-executive-order-8/

Great

shame, this is a witch hunt bill. designed to impoverish the nation.

Alapafaari:
Whe are most Nigerians myopic in their thinking? None of these people who commented earlier do not know that this new Executive Order is meant to checkmate the excesses of our corrupt ex-generals that own oil wells. Na wa o, no be only leadership problem we get, followership problem dey too.

Like the one with a money hungry family without a source of income...yup we know.

Alapafaari:
Whe are most Nigerians myopic in their thinking? None of these people who commented earlier do not know that this new Executive Order is meant to checkmate the excesses of our corrupt ex-generals that own oil wells. Na wa o, no be only leadership problem we get, followership problem dey too.

ffriend, you can only pay tax when you stay for more than 183 days in a locale, this bill amounts to double taxes, its a witch hunt bill. taxes should not be used ad a punitive instrument by corrupt govt.

tete7000:

And who says the oil breakpoint is $140/barrel? What is the average price of oil over the last 40 years? Oil price above $80/barrel is an anomaly, something that happens once in a blue moon. This is what you get when you have people are not frugal enough to manage the resources within their means. They always hope for one big money to come from somewhere to spent. Buhari and his government are spendthrift masquerading as efficient managers of resources. They always hope oil price will rise to $140/barrel for them to squander.

1.Fitch, the ratings agency, is the source of the break-even price. It varies by country.

2.Oil has been above $80 for a long time, and has fallen below 75 too, between 2008-10, and 2014-18..From 2010-14, oil was above $90.

3.Buhari govt is not doing well because low oil prices. They are not doing well because they keep us dependent on oil

Currently tax contributes only about 6% to our GDP — a very low figure, what this implies is that over the years Nigerians have not been paying taxes

Government needs multiple streams of income to help build the kind of infrastructure that would help develop this country - infrastructure that wound help attract the type of mega- companies that would employ thousands of our unemployed youth.

We cannot hide from the fact that we are a consumer society and we practically import most of our needs. The other day I sat in a bar watching people order foreign liqueur, using expensive foreign phones while dressed in the latest foreign gear - all sign of a looming disaster.

No type of voodoo economics ( or articulate bs) will help this county. We just need to make sacrificies to develop our infrastructure- 16yrs of pdp did not do that.

Taxing those Nigerians with foreign assets is a good move - first it would help reduce the incident of money laundering and secondly it would bring about some fairness - why should only salaried government (and registered private companies)workers be the only ones paying tax.

Jeezuzpick:
Which kind of tax is this?

Offshore assets are in a different country!

Please, anyone, tell us which country is doing this successfully, mbok!

How will someone have a hotel in South Africa and pay tax to Nigerian Government?



This seems like a mad scheme to me o!

no you can understand why our govt does nothing to protect its citizens abroad and nothing to encourage their retun home.

This is either a complete draft and reckless attempt to deal with corruption and tax evasion or a very damaging attack on Atiku.

This will simply cause far more harm than good.

The law I sense is to hit at money being repatriated into the country by politicians for campaign purposes.

All the law really does is to encourage the diversion of the money into neighboring countries and then into Nigeria as cash. This further enlarges the underground economy or the informal sector.

This is nothing more than throwing the baby out with the bath water

wahala don dey, baba don strike back at a very dangerous place, looters and kabals in pdp water don pass garri ooo..sai buhari tilll 2023,,this is a GOODMAN..

Why should they pay tax when there's nothing to show for it?

,

whytediamond:
This will make some PDP members uncomfortable as they are the majority that will be affected, that's because they will flout this new law and tag it political witch hunt.

The law in itself is good as long as it won't be targeted at a select few.

The main issue is this, I don't want to see the Buhari i voted for last term return for a second term, that's suicide for our democracy, the old man is so slow and has failed to deliver on ALL of his campaign promises.

I fear for Nigeria if Buhari wins a second term.

God bless Nigeria.

Buhari, back to Daura 2019!!!

Sai Baba

tempest01:
You cannot tax people after the country they are domiciled in have already taxed them

I mean this order is vague and far reaching and can only be to hound opposition members this elections period.

Do you think the dullard knows what double taxation is?

Panic mode of a dullard! Make sure you dnt have any cos it would be found. Puppet president

Zi:
is Atiku the target?

Did you read the content of the EO?

You can. so many countries do it, thats why there is something called Double Taxation.

tempest01:
You cannot tax people after the country they are domiciled in have already taxed them

I mean this order is vague and far reaching and can only be to hound opposition members this elections period.

whytediamond:
This will make some PDP members uncomfortable as they are the majority that will be affected, that's because they will flout this new law and tag it political witch hunt.

The law in itself is good as long as it won't be targeted at a select few.

The main issue is this, I don't want to see the Buhari i voted for last term return for a second term, that's suicide for our democracy, the old man is so slow and has failed to deliver on ALL of his campaign promises.

I fear for Nigeria if Buhari wins a second term.

God bless Nigeria.

Buhari, back to Daura 2019!!!

Beautiful Norsense Comment.

At your first paragraph you make some sense

While the 2nd paragraph you display some level of stupidity and that shows where you belongs On The Side Of HATE.

You will never see any of his good works while you are on the side of HATE.

https://www.youtube.com/watch?v=_pB08Qsrw4o

Payment of income tax by foreigners to their country of origin is standard practice. But taxing assets of individual in a foreign nation is a big no. This order cannot work as most politicians across party lines have undeclared assets in abroad. Also, these assets are held by proxies who are relatives, friends or foreigners. No politician will come out to declare any foreign asset and it will take court years for such cases to be resolved. Buhari advisers are myopic, paranoid and parochial. This order will even make a lot of billionaires irrespective of their political affiliations or nationalities gang up against Buhari re-election.

divinehand2003:
President Muhammadu Buhari has released a new Executive Order into law.

The new order is meant to regulate money laundering and tax evasion.

The President released the new Executive Order number eight, tagged “Voluntary Offshore Assets Regularization Scheme, VOARS,” on Wednesday

The new Executive Order (008) took effect from Monday, October 8, 2018, the day it was signed by President Muhammadu Buhari.

The Senior Special Assistant to the President on Media and Publicity Garba Shehu, made this known in a Facebook post on Wednesday.

Nigerian taxpayers who hold offshore assets and incomes are expected to, within a period of 12 months, declare voluntarily those assets and pay taxes on them by the order.

When they do this, they should expect to derive certain specified benefits.

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.”

In accordance with the new order, the Federal Government, through the office of the Attorney-General of the Federation and Minister of Justice will set up a VOARS in Switzerland for all categories of taxpayers who have defaulted in the declaration of their offshore assets, payment of taxes due and collectible subject to the fulfillment of the terms and conditions as stipulated in the order, or any other subsequent complementary regulations that follow.

To avoid the abuse of this process, the Federal Government makes clear that the “scheme is open to all persons, entities, and their intermediaries holding offshore assets and are in default of their tax obligations in any way, including those who are not already under investigation by law enforcement agencies in Nigeria or any other country and have not been charged with any crimes including theft of public funds or obtaining offshore assets through corrupt practices.”

In signing the order, President Buhari noted that under the Nigerian law, every citizen has the duty to declare his or her income and assets and pay taxes on them but regretted that this, in most instances, had not been the case.

“The sad reality is that efforts to recover these taxes from defaulters through litigation are often frustrated by the complications caused by the change in the character and nature of such assets, insufficient financial intelligence, long delays in courts, among several other reasons,” the President said.

President Buhari is optimistic that the new scheme will help to facilitate the expedient regularization of offshore assets connected to Nigeria and lead to “a new expanded tax base for the Federal Government, and also fund the Nigeria Infrastructure Fund in Switzerland.”

http://dailypost.ng/2018/10/10/breaking-president-buhari-releases-executive-order-8/

Payment of income tax by foreigners to their country of origin is standard practice. But taxing assets of individual in a foreign nation is a big no. This order cannot work as most politicians across party lines have undeclared assets in abroad. Also, these assets are held by proxies who are relatives, friends or foreigners. No politician will come out to declare any foreign asset and it will take court years for such cases to be resolved. Buhari advisers are myopic, paranoid and parochial. This order will even make a lot of billionaires irrespective of their political affiliations or nationalities gang up against Buhari re-election.

whytediamond:
This will make some PDP members uncomfortable as they are the majority that will be affected, that's because they will flout this new law and tag it political witch hunt.

The law in itself is good as long as it won't be targeted at a select few.

The main issue is this, I don't want to see the Buhari i voted for last term return for a second term, that's suicide for our democracy, the old man is so slow and has failed to deliver on ALL of his campaign promises.

I fear for Nigeria if Buhari wins a second term.

God bless Nigeria.

Buhari, back to Daura 2019!!!

he’s going after Atiku!! Even pmb wife has offshore assets... they guy is just going to do it one sided that’s just my problem.

divinehand2003:
If he likes, he can release executive order 2019, he will still return to Daura as ex-president come 2019.

There’s no harm in dreaming.

theoldpretender:


1.Fitch, the ratings agency, is the source of the break-even price. It varies by country.

2.Oil has been above $80 for a long time, and has fallen below 75 too, between 2008-10, and 2014-18..From 2010-14, oil was above $90.

3.Buhari govt is not doing well because low oil prices. They are not doing well because they keep us dependent on oil

Ok you mean break even based on country's spending and management pattern? Ok, I understand that. If going by the way our government waste resources we might need that much to break even, the only caveat is that the higher the revenue we earn, the higher our break even because the more insatiable we will become. You mentioned it varies by country, have you wondered why? Because some are more prudent with the use of the little earnings they get. Stop justifying failure of Buhari's govt on low revenue, the fact is that he who cannot be trusted with little, if you give him much, he will filter it away. This govt lacks capacity to manage resources. Oil price has been on the upward swing for sometime now, yet all you get is lame excuse of low earnings. The little they got, let them show what they did with it.

Finally, three years is too little to access what oil price should look like, it is why I give you forty years to calculate and average. That way you get a realistic price pattern. I have a good knowledge of oil price pattern because I hold a degree in a field related to that.