THE PRESIDENTIAL EXECUTIVE ORDER ON THE VOLUNTARY OFFSHORE ASSETS REGULARISATION SCHEME “VOARS”.

Although the Scheme primarily aims to encourage voluntary compliance with the tax laws and to generate revenue for the state, the identified grey areas may affect compliance negatively.

From the provisions of the Order, it can be inferred that further regulations are to be issued. It is thus hoped that these regulations will provide clarity to these grey areas and that Practice Directions detailing the procedure for compliance with the Scheme will be issued.