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Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) - Politics (5) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) (35240 Views)

Buhari Signs Amendment To Executive Order 008 On VOARS / Buhari Signs Law Stopping VPs Who Complete President’s Tenure / Atiku Reacts As Buhari Signs "Not Too Young To Run" Bill (2) (3) (4)

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Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by SternProphet: 11:14pm On Oct 10, 2018
BUHARI FOR SECOND TERM.!!!
4 MORE YEARS

2 Likes

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by FarahAideed: 11:14pm On Oct 10, 2018
Jaideyone:
you are crying but you've never even been to seme border grin

Buharist and their shallowness..when I used to be driven around in Nigerian consulate Mercedes around London you still dey village .

2 Likes

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by Jaideyone(m): 11:15pm On Oct 10, 2018
Felixv:


I have american friends who one property and busineses in Thailand and are still paying US taxes on those properties.

A lot of these guys on this forum haven't got a clue how civilized countries operate.

The likes of saraki and others who have been evading taxes for years will be shitting in their pants now.


thank you!!!

1 Like

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by FarahAideed: 11:15pm On Oct 10, 2018
Jaideyone:
did you say 13t he borrowed so far? lol Omo ale oniro

Yes Buhari has borrowed over 13 trillion by my records
Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by moderatedguy: 11:15pm On Oct 10, 2018
[quote author=laffwitmi post=71970406][/quote]i
Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by Jaideyone(m): 11:16pm On Oct 10, 2018
FarahAideed:


Buharist and their shallowness..when I used to be driven around in Nigerian consulate Mercedes around London you still dey village .
you mean the keke napep you drive around osapa London in lekki here? grin

2 Likes

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by lexy2014: 11:16pm On Oct 10, 2018
milemimi93:


One step at a time.

Rome wasn't built in a day.

We will arrest Atiku and his likes in due time..
what have u guys been doing since all these years? its now that he has won primaries that APC knows he stole money.

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by Nobody: 11:16pm On Oct 10, 2018
iammo:


35% in exchange for what? A sick presidents medical tourism or Yusuf's racing bike fund

My brother don't mind those LIFELESS supporters of the idiot.


In short, it's time we'll engage in a show down with these bastards taking Nigerians for a ride.


Enough is enough

1 Like

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by Jaideyone(m): 11:17pm On Oct 10, 2018
FarahAideed:


Yes Buhari has borrowed over 13 trillion by my records
yes and buhari borrowed your brain too grin

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by FarahAideed: 11:17pm On Oct 10, 2018
Jaideyone:
yes and buhari borrowed your brain too grin

https://www.tribuneonlineng.com/135964/

3 Likes

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by Businessman1986(m): 11:17pm On Oct 10, 2018
Jaideyone:
you are the complete illiterate!!!


I repeat, the law is meant to take money from the rich and better the lives of the poor. I bet you don't even own a pen abroad and you are crying.

something is wrong with your brain

[s] the law is meant to take money from the rich and better the lives of the poor.[/s]

My question is, socialist, do you think it appropriate that the Federal govt should be in ultimate charge of collecting more funds where blatant misuse of already existing funds abound? Don't you think we should pursue a course that weakens the executive in favour of individual determination? Why should more power be amassed at the very inept and bureacratic center? Look at the various sectors, education, health, security, has the Fed done a good job?

3 Likes

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by iammo(m): 11:17pm On Oct 10, 2018
SternProphet:


I don't think the tax on salary income will be appreciable. I would be surprised if it tops 10%. For mortgaged property, there are many deductibles. I don't expect 35%.
The tax is targeting loot not hard earned income. Every advanced country has it. Some Nigerians will give up their passport because of th8s and some would prefer to stay here instead of paying double taxes. This is a very very good measure

It says "Nigerians" and not looters, againg 90% of asset owned by Nigerians abroad is not by the few elites. Like kemi adeosun and Anthony Joshua's parents raised them in a cubicle like one room apartments paying bills and struggling to survive, if those ones had been paying wooping 35% on assets to fund some sick politicians medical tourism or his sons toy bike, do you think kemi would afford a college education

3 Likes 1 Share

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by Nbote(m): 11:17pm On Oct 10, 2018
Jaideyone:
why not go through all before you start making a fool of your education

So far U have only proven one thing.. And dat is how dumb U are.. U not only have a problem with reading but ur comprehension skill is embarassing... Ur second link talks about offshore companies paying taxes on their properties IN THE UK while ur last link talks about various scenarios a citizen who owns properties both in d UK and abroad can b taxed for it.. Mayb U think everyone else doesn't read or know how to.. Here's an excerpt from ur last link as well

"Don't get taxed twice on foreign property income
Normally, the foreign tax authorities will also charge tax on your letting profits.
But you won’t pay twice – the overseas tax paid is usually deducted from the UK tax that is due."

5 Likes

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by SternProphet: 11:18pm On Oct 10, 2018
FarahAideed:


Buharist and their shallowness..when I used to be driven around in Nigerian consulate Mercedes around London you still dey village .

So how come you are lying about what you know to be a good policy. Same as in the UK and US. A policy that most African countries will copy to stop funds outflows.
One of the characteristics of being exposed is mind development and ability to discipline emotions, see truth and say it even if it hurts.

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Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by Felixv: 11:19pm On Oct 10, 2018
Nbote:


Lolzzz ... What happened to dis particular link? U have realised ur folly or U also need me to help U breakdown d other ones in a language u can easily understand abi

There is also property tax - this is common in the US and it has nothing do with whether it is a commerical properly or not.

If you own a property abroad you should pay a property tax to your country of origin

The NASS would never pass such legislation because most of their members would be affected.

I think we should take emotion away from our responses and be more civil or else this forum would only attract unserious people.

4 Likes

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by ogatboy(m): 11:19pm On Oct 10, 2018
Until this bill is properly interpreted, i reserve my comment. Come and collect tax for my business in France. Iranu
Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by Nobody: 11:22pm On Oct 10, 2018
bettercreature:
This is why most of you guys are not employable! Is this not the same thing they are doing successfully In developed world or what are you people saying here?

Lifeless like your President.


I'm an employer of labour unlike an urching like you that is paid 5 thousand naira to post trash all over the Internet....


Shameless LIFELESS idiots are the ones supporting this lunatic.
Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by Buterflyle0: 11:22pm On Oct 10, 2018
FarahAideed:


Do you understand the executive order at all ? Buhari is is saying he wants to a one off tax of 35 percent of the value of the Asset owned offshore and not the revenue generated in it ?

My questions ?

Is the govt targeting Asset acquired with income earned from Nigeria ?

Is it targeting Assets acquired from income made offshore ?

The whole executive order reeks of verbosity and it's clearly a witch hunt in the offing

You are clearly beyond daft.

These questions you asked here are already answered in the OP and you just couldn't see it..

Even your dumb question about why he didn't pass through the legislative is also captured there.

Do you think the same legislative who own much of these same properties abroad and who are the chief defaulters would want to pass this?

He had to bypass them to get this done for the good of the nation and all you can do as usual is pretend to be blind.

Read the part of the OP that should concern you below and which answers your rather dumb questions.


He also said that 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.”

He said in accordance with the new order, the federal government, through the office of the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, 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, he said, 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, Mr Shehu said Mr Buhari noted that under 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 presidential aide said.

Its no more business as usual in Nigeria for anybody most especially the rich who impoverished the poor. Now you must give back to those you impoverished in order to get rich.

All over the world the Rich are taxed for the sake of the poor and they are taxed much more too.

Read and understand you wailers lack the ability to

4 Likes

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by iammo(m): 11:22pm On Oct 10, 2018
Jaideyone:
the write up says they will pay 35% of what they are meant to pay if they declare and pay voluntarily before the deadline. the tax rate itself is not up to 35%

illiterate

you are just come and start crying with no knowledge grin

If i am on nairaland I can read and write (literacy)
However it takes an uneducated person not to distinguish between been educated and been literate... Keep celebrating bad policy believing you can't own an asset abroad in your life through hardwork

4 Likes 1 Share

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by Jaideyone(m): 11:23pm On Oct 10, 2018
Nbote:


So far U have only proven one thing.. And dat is how dumb U are.. U not only have a problem with reading but ur comprehension skill is embarassing... Ur second link talks about offshore companies paying taxes on their properties IN THE UK while ur last link talks about various scenarios a citizen who owns properties both in d UK and abroad can b taxed for it.. Mayb U think everyone else doesn't read or know how to.. Here's an excerpt from ur last link as well

"Don't get taxed twice on foreign property income
Normally, the foreign tax authorities will also charge tax on your letting profits.
But you won’t pay twice – the overseas tax paid is usually deducted from the UK tax that is due."
prof one of the link says when you own a property abroad and it generates money and you bring the money into the country you get taxed
Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by Yankee101: 11:23pm On Oct 10, 2018
1. That's double taxation essentially.
2. 35%? Buhari who be your papa? You help me make the money? Depending on assets type and income bracket nobody will tax you even 35% here
3. People would rather drop Nigerian citizenship. Remind me the benefit again?
4. Maybe you're trying to target people who stole money and took it abroad, if so then re-write your order.
4. No one will pay 35 abroad and 35 at home and be left with 30% income only
5. I thought the national assembly has power to make laws and not the executive?
6. These guys are fucking desparate, no one will fund your failing second term, Dangote did it last time, he won't dare do it now
7. Pack already and leave, please APC

2 Likes

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by Nbote(m): 11:24pm On Oct 10, 2018
Felixv:


There is also property tax - this is common in the US and it has nothing do with whether it is a commerical properly or not.

If you own a property abroad you should pay a property tax to your country of origin

The NASS would never pass such legislation because most of their members would be affected.

I think we should take emotion away from our responses and be more civil or else this forum would only attract unserious people.

Why are some of U like Dis? A little research from ur end could have saved us all d embarassment.. Do U even know what property tax is ??

2 Likes

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by Rayton(m): 11:25pm On Oct 10, 2018
Jaideyone:
mumu talk. keep making a fool of yourself.

the law is targeted at getting money from Nigerians that are rich so the money can be used to repair roads and build public hospitals and schools that the poor and average people like you and I will benefit from more but you are still complaining.

your education is
a waste!!!

You and your pay masters are Foolish.... So without that we can't have any development in Nigeria? Get out

2 Likes

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by Jaideyone(m): 11:25pm On Oct 10, 2018
Buterflyle0:


You are clearly beyond daft.

These questions you asked here are already answered in the OP and you just couldn't see it..

Even your dumb question about why he didn't pass through the legislative is also captured there.

Do you think the same legislative who own much of these same properties abroad and who are the chief defaulters would want to pass this?

He had to bypass them to get this done for the good of the nation and all you can do as usual as pretend to be blind.

Read the part of the OP that should concern you below and which answers your rather dumb questions.




Its no more business as usual in Nigeria for anybody most especially he rich who impoverished the poor. Now you must give back to those you impoverished in order to get rich.

All over the world the Rich are taxed for the sake of the poor and they are taxed much more too.

Read and understand you wailers lack the ability to
bros their matter tire me o

the hilarious part of this is that some of them are in federal poly oko and they don't even own a pin abroad grin

yet they are crying

2 Likes

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by Jaideyone(m): 11:26pm On Oct 10, 2018
Rayton:

You and your pay masters are Foolish.... So without that we can't have any development in Nigeria? Get out

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by FarahAideed: 11:27pm On Oct 10, 2018
SternProphet:


So how come you are lying about what you know to be a good policy. Same as in the UK and US. A policy that most African countries will copy to stop funds outflows.
One of the characteristics of being exposed is mind development and ability to discipline emotions, see truth and say it even if it hurts.

Have u read the executive order? It makes no sense at all ..they are not clear on what manner of asset will be taxed? Is it assets procured by politically exposed person ? Is it assets acquired with income made from Nigeria ? Abi is it any Asset owned by any passport holding Nigerian ?

I know they are targeting Atiku but let's watch

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Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by Nbote(m): 11:30pm On Oct 10, 2018
Jaideyone:
prof one of the link says when you own a property abroad and it generates money and you bring the money into the country you get taxed

So it is now one of d link and no longer all of dem lol... Go back and read dat link all over again even though U are obviously having a tough tym understanding it... Income tax and property tax are 2 different things. I would have loved to actually still break down dat one for U to grasp but I've lost my patience and have other things to do online...

2 Likes

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by Buterflyle0: 11:33pm On Oct 10, 2018
Jaideyone:
bros their matter tire me o

the hilarious part of this is that some of them are in federal poly oko and they don't even own a pin abroad grin

yet they are crying

Its beyond shocking to say the least that these cretin are running around nairaland just to see anywhere Buhari is written in a comment or a thread so they can start their utterly senseless rants from a place of their frustrations and depression.

This is a simple and straightforward matter. Its as simple as PAYE (Pay as you earn). Make more, pay more. You cannot expect the super rich to be taxed same way the poor are, that's wickedness to the poor.

The rich always must get the larger portions. Even Obama implemented this in USA shortly after he came into office and ONLY the rich were wailing and shouting complaining about it but at the end of the day, they accepted it after much ado.

Trump came in and even increased the tax rates the rich are paying and made it higher than what Obama did..

If Nigeria must speadily go forward then all leakages must be plugged. Other nations cannot be taking advantage of our peoples taxes abroad and using it to develop their nation while we lose out.

This in a sense would encourage others to stop acquiring properties abroad and develop their own country.

Buhari in essence is saying, face your country. Let the rich invest here and grow here.

How is this bad?

2 Likes

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by LANDLORD72: 11:33pm On Oct 10, 2018
Doerstech:
Legal interpretation needed for this....How does this come into effect? Is this another backdoor way to witch hurt political enemies of this lifeless administration?
Buhari oya receive sense

Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by milemimi93(m): 11:35pm On Oct 10, 2018
lexy2014:

what have u guys been doing since all these years? its now that he has won primaries that APC knows he stole money.

Indeed common sense is not common..

If someone is good today, does it means or is it an assurance that the person will be good forever?


Atiku was a good person as at when these comments about him was made..


Get sense may brother


At your question.. There's time for everything under the sun. This is the time to arrest the criminal
Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by Jaideyone(m): 11:35pm On Oct 10, 2018
Nbote:


So it is now one of d link and no longer all of dem lol... Go back and read dat link all over again even though U are obviously having a tough tym understanding it... Income tax and property tax are 2 different things. I would have loved to actually still break down dat one for U to grasp but I've lost my patience and have other things to do online...
when did I say all of them? and I said similar laws not exact same thing

you are just narrow minded
Re: Buhari Signs Voluntary Offshore Assets Regularisation Scheme (VOARS) by FarahAideed: 11:36pm On Oct 10, 2018
Buterflyle0:


You are clearly beyond daft.

These questions you asked here are already answered in the OP and you just couldn't see it..

Even your dumb question about why he didn't pass through the legislative is also captured there.

Do you think the same legislative who own much of these same properties abroad and who are the chief defaulters would want to pass this?

He had to bypass them to get this done for the good of the nation and all you can do as usual is pretend to be blind.

Read the part of the OP that should concern you below and which answers your rather dumb questions.




Its no more business as usual in Nigeria for anybody most especially the rich who impoverished the poor. Now you must give back to those you impoverished in order to get rich.

All over the world the Rich are taxed for the sake of the poor and they are taxed much more too.

Read and understand you wailers lack the ability to

This butterfly you will just be buzzing about displaying your short sightedness .... now answer my questions

What kind of assets is the govt referring to ? Fixed asset, stocks, liquid asset or Offshore Businesses?

What category of people is this tax targeted at ?

1 : political exposed persons?
2: Nigerians the acquired assets offshore using income earned in Nigeria?

3 : Any asset at all owned by any Nigerian including those working and living abroad ?

I heard you shallow mind say it's targeted at rich so why don't you tell us what value of properties offshore will be targeted ?

5 Likes

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