THE Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN), on Tuesday announced the Federal Government’s plan to bridge the nation’s infrastructure deficit with the proceeds from a proposed Nigeria Infrastructure Fund to be established in Switzerland.

Malami said the Nigeria Infrastructure Fund would be an investment facility with “minimal” contribution from the Federal Government and contributory investments from banks, prospective international investors, as well as Nigerians with offshore assets and foreign-sourced incomes.

He said this during the unveiling ceremony of the Voluntary Offshore Assets Regularisation Scheme held in Abuja.

The scheme, which Malami jointly unveiled alongside the Minister of Finance, Mrs. Zainab Ahmed, was designed to provide a platform for taxpayers to declare all their offshore assets and foreign-sourced income relating to the preceding 30 years.

Under the VOAR Scheme, the person who makes the voluntary declaration is to be exempted from possible criminal prosecution for tax offences relating to undeclared offshore assets.

Malami said the VOARS was initiated by “the Swiss Consortium,” with a view to facilitating regularisation of offshore assets owned by Nigerians.

He said following the agreement signed between the AGF office, acting on behalf of the Federal Government, and the Swiss Consortium, for the establishment of VOAR, “a Nigeria Infrastructure Fund in Switzerland was proposed.”

“This Nigeria Infrastructure Fund is aimed at imploring and encouraging Nigerians with offshore assets holdings to invest in the infrastructure,” he said.

The AGF said the investment in the NIF was “with a view to increasing Nigerian tax base, bridging Nigeria infrastructure deficit and inviting direct foreign investment for the development of infrastructure in Nigeria”.

He explained that from the funds voluntarily declared, the Federal Government would deduct 35 per cent, while two and a half per cent would be charged as administrative fees, while the about 63 per cent remaining would be “registered in the system to become taxable in Nigeria.” – Punch

– Apr. 2, 2019 @ 17:25 GMT |