VAIDS: This new tax policy might surprise you

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:

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.

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