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  • Nigerians Evading Tax On Foreign Properties Risk Prosecution – Business

    Article Updated

    BY Eniola Akinkuotu, Abuja

    The Federal Government has threatened to prosecute citizens refusing to pay tax on their properties in foreign countries.

    The Attorney-General of the Federation, Abubakar Malami (SAN), further stated that any bank or intermediary that helped a Nigerian citizen to shield such properties would pay a fine which is the equivalent of the cost of the property.

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    Malami said this in a statement signed by his Spokesman, Umar Gwandu, on Thursday.

    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.

    The AGF said that in order to ensure seamless exchange of information, the scheme would work closely with the Nigeria Financial Intelligence Unit.

    The statement added, “Executive Order 008 as amended mandates the AGF to set up and implement a Voluntary Offshore Assets Regularisation Scheme referred to as ‘VOARS. VOARS gives all relevant persons and their intermediaries who have defaulted in declaration of their offshore assets the opportunity to voluntarily declare and regularise their offshore assets.

    “The Federal Government hopes that relevant persons amongst Nigerians, Nigerian entities and their intermediaries will seize the opportunity provided by VOARS to declare and regularise their offshore assets before it is too late.

    “Relevant persons who voluntarily declare their offshore assets and pay the stipulated levy to the Federal Government will receive compliance certificates which allow them to use their residual assets freely without hindrance.”

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  • Africa: Europe accused of trying to kill UN tax reform

    News for Africa shows that diplomats from the European Union and the UK have been accused of trying to “kill” proposals that seek to give more voice to developing countries such as Nigeria, Ghana, Brazil, India, and others in international tax negotiations.

    There are talks at the United Nations over plans to give the UN more of a role in global tax discussions. This is a measure being pushed for by low and middle-income countries.

    The Organization for Economic Cooperation and Development (OECD) organized countries over international tax matters for decades, and now it is being criticized by officials in some developing economies who believe it does not reflect their interests.

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    According to a Financial Times report, last year, a group of 54 African countries, frustrated at the OECD process, successfully brought a resolution at the UN General Assembly.

    They said that the UN secretary-general should produce a report assessing ways to strengthen the “inclusiveness and effectiveness” of international tax cooperation, including options that gave the UN more of a role on the global tax stage.

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  • What Do You Know About

    Considerations to Bear in Mind When Choosing Tax Preparation Services

    You will need to use this article as your ultimate guide to finding the right tax preparation services that meets your personalized needs.

    Primarily, when choosing a tax preparation services, you need to look at professionalism of the service provider. Being in the service industry, the tax preparation services has a code of conduct to stick to. The major aspect of the code of conduct is how the tax preparation services’s employees associate with the clients. It is mandatory for the tax preparation services to be professional when addressing their clients. You would therefore want to choose a tax preparation services that has good reputation with regards to professionalism. The best tax preparation services for selection is one that treats all their clients respectfully. The ideal tax preparation services should have a zero tolerance policy towards any form of discrimination. All clients should be attended to equally and fairly regardless of their social status, race or ethnic orientation. Professionalism is one of the criteria used in ranking the reputation of a tax preparation services. By choosing a highly reputable tax preparation services, you will be guaranteed excellent customer service.

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    Secondly, you will need to consider the quality of services offered by the tax preparation services. When looking for a tax preparation services, you want to choose the best in the sector. The tax preparation services that you choose should have the capability to offer services that are up to your expectation. When looking for a tax preparation services, different individuals have different ideas in mind. You should therefore figure out your expectation and thereby find a service provider that matches this. The tax preparation services should be able to personalize their services this because of the different customer needs. You will also need to take a look at the service description provided in the tax preparation services’s website. From this, you will have a glimpse of all the services that the tax preparation services has specialized in. It is also recommended that you choose a tax preparation services that has diversity in service provision as it will come in handy in scenarios where you need multiple and closely similar services. Besides diversifying, the tax preparation services should also have prowess in all those fields.

    Finally, you will need to put into consideration the expense of hiring the tax preparation services. It is important that you have clear information about the pricing of the tax preparation services before hiring. You should choose a tax preparation services that is cheaper as compared to their competitors. It is important to make an informative decision by comparing the pricing of the tax preparation services with other service providers. To ease the market survey process, all the service providers should make their rate cards available to the public. Prior to selection of a specific tax preparation services, it is important that you contact the service provider for a quotation. The quotation is necessary in case you need personalized services. From the quotation, you can request for discounted prices from the tax preparation services. Although you would want to find a cheap tax preparation services, it is important that you bear in mind that in most instances, pricing and quality of services are proportional.

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