While advising Nigerians to review any existing tax planning schemes, including those in offshore tax havens Adeosun said “whilst the use of tax avoidance schemes was legal, tax evasion was not.” She then urged citizens to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS) to regularise their tax status where necessary. The Minister gave this advice through a statement by her Media Adviser, Oluyinka Akintunde on the legality of the use of offshore tax shelters. “The critical question to be asked of all Nigerian tax payers using offshore tax shelters will be whether all applicable taxes have been paid prior to the transfer of funds or assets to a tax shelter. “If all taxes had been paid, then there will be no additional liability except tax payable on further income earned on those funds. However, if taxes had not been paid, then the use of such schemes is illegal.” Adeosun counselled users of such structures to seek professional advice, explaining further that the Federal Ministry of Finance was offering free training to professional advisers on the VAIDS to enable them to support their clients. She urged users of offshore tax shelters to promptly embrace the VAIDS scheme to regularize their tax status, adding that Nigeria’s low tax revenues were at variance with the lifestyles of a large number of its people and with the value of assets known to be owned by Nigerians resident around the world. “VAIDS ushers in an opportunity to increase the nation’s general tax awareness and compliance. It is a time-limited opportunity for taxpayers to regularise their tax status relating to previous tax periods. “In exchange for fully and honestly declaring previously undisclosed assets and income, taxpayers will benefit from forgiveness of overdue interest and penalties, and with further assurance that they will not face criminal prosecution for tax offences or be subject to tax investigations,” stated Nigeria’s Finance Minister. Adeosun further explained that with the increasing global focus on illicit financial flows and tax evasion, offshore tax shelters no longer offer robust protection against tax authorities. She, therefore, added that the continued use of such schemes poses enormous risks for the users. On questions relating to the recent leaks by Panana Papers and Paradise Papers, the Minister remarked that the leaks were just the beginning of what is likely to be a systematic unravelling of the offshore tax haven system. According to her, the Federal Ministry of Finance’s data mining project would use data provided on Nigerians from such leaks to crosscheck tax declarations. She urged Nigerians to cooperate with the Government by paying the right taxes to both the Federal and State Governments in order to provide the much needed funds that will improve the lives of Nigerians.]]>

Add TheNigeriaLawyer On Google News _______________________________________________________________________ New Year Promo: Get Five Maritime Law Books For N150,000 — 63% Discount The promotion, which commenced on January 8 and runs until February 8, 2026, offers five core maritime law books authored by Dr. Emeka Akabogu, SAN, ordinarily valued at N405,000, for just N150,000 — a 63% discount. Interested buyers can place their orders through the following channels: Phone: 0704 329 3271 Online Store: https://paystack.shop/aa-bookstore Website: www.akabogulaw.com _______________________________________________________________________ The Law And Practice Of Redundancy In Nigeria: A Practitioner’s Guide, Authored By A Labour & Employment Law Expert Bimbo Atilola _______________________________________________________________________

[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials

“Evidence Act: Complete Annotation” by renowned legal experts Sanni & Etti.

Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation

______________________________________________________________________ ARTIFICIAL INTELLIGENCE FOR LAWYERS: A COMPREHENSIVE GUIDE Reimagine your practice with the power of AI “...this is the only Nigerian book I know of on the topic.” — Ohio Books Ltd Authored by Ben Ijeoma Adigwe, Esq., ACIArb (UK), LL.M, Dip. in Artificial Intelligence, Director, Delta State Ministry of Justice, Asaba, Nigeria. Bonus: Get a FREE eBook titled “How to Use the AI in Legalpedia and Law Pavilion” with every purchase.

How to Order: 📞 Call, Text, or WhatsApp: 08034917063 | 07055285878 📧 Email: benadigwe1@gmail.com 🌐 Website: www.benadigwe.com

Ebook Version: Access directly online at: https://selar.com/prv626