Abstract

On October 8, 2018, the Federal Government of Nigeria introduced the Voluntary Offshore Assets Regularization Scheme (“VOARS”), another tool in the hands of the Nigerian Government, in its quest to diversify the economy and increase tax revenue. The VOARS is one of the numerous measures introduced to widen the tax base at the domestic level and internationally. In Nigeria, the Federal Inland Revenue Service (FIRS) in particular has been developing strategies and approaches to improve the non-oil tax revenue collection and even recovery processes, in order to improve the revenue yield. Some of the measures include Auto-VAT Collect initiative, Waiver of Penalty and Interest and Automation of tax collection through Information Technology, and the just concluded VAIDS which generated significant revenue in billions of Naira and enlarged taxpayers’ base. Using doctrinal research methodology, the paper argues for a replacement of the VOARS Order with a valid Act of the Nigerian Federal Legislature, along with provisions balancing the interests of all stakeholders.