Nigeria has launched the Voluntary Offshore Assets Regularization Scheme (VOARS), which is effective from 8 October 2018. The regularization scheme provides protection from prosecution for tax offenses and illicit offshore assets, provided that all untaxed foreign-source income or assets are disclosed, and either a one-time levy equal to 35% of the disclosed amount is paid or, following an audit, the applicable taxes and related penalties/interest are paid. The scheme is to be available for a period of 12 months.