Big news for foreigners living and working in Nigeria! The Federal Government has announced plans to register and tax foreigners earning income in the country. This move is part of the Economic Stabilisation Bills approved by the Federal Executive Council (FEC) on Monday, and it’s set to be forwarded to the National Assembly for consideration.
According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, the proposed amendment to the National Identity Management Commission (NIMC) Bill, 2024, will require all foreigners living in Nigeria to register and obtain a tax identity ¹ ². This means that foreigners will now be taxed just like Nigerian citizens, and they’ll be required to provide their National Identification Number (NIN) for tax purposes.
The proposed bill aims to expand the scope of registrable persons to include foreign individuals with taxable presence or taxable source of income in Nigeria ². Onanuga explained that the law previously excluded foreigners from registration, but with this new amendment, everyone living and working in Nigeria will be treated equally ¹ ².
These changes are expected to improve the country’s economic environment and increase revenue generation. We’ll keep an eye on how these developments unfold!
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