The Federal Government, through the Ministry of Finance, has on Monday, said that Nigerians resident in Nigeria but, who have property earning income for them abroad are liable to pay tax.
This was made known in a statement on Twitter:
CORRECTED:
##DidYouKnow If you're a Nigerian LIVING IN NIGERIA & earning income overseas,it is taxable in Nigeria! Nigeria is cooperating w/ foreign govts to share info on assets & income earned overseas by Nigerians domiciled in Nigeria. Embrace @VAIDSNG today,for peace of mind pic.twitter.com/W636BFIs8l
— Government of Nigeria (@AsoRock) December 18, 2017
Explaining further, the Ministry said the policy applies only to Nigerians resident in Nigeria; means people resident abroad and earning income abroad should not worry.
What this means: As much as we want to embrace VAIDS, it sure looks like a case of double taxation for the Nigerian who has property abroad, paying taxes to the government where the property is domiciled and still has to pay to the Nigerian government – unless the Federal Government clarifies that later.
Aside from that, most likely, if the said Nigerian has a property abroad, there is every tendency that the person has some property in Nigeria too and, how does the individual reconcile the issues of taxation?
We should start a conversation on this, really.
Omoleye Omoruyi… an apprentice web/game developer, novelist, sensitive to happenings in the world. Meet him @Lord_rickie on Twitter/Instagram
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