The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has urged Nigerians in the Diaspora to allay their fears about the Federal Government’s Fiscal Policy and Tax Reforms.
Naijaonpoint reports that Oyedele made this known during a joint virtual meeting with the Chairman of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, in Abuja, organised for Nigerians living abroad.
Oyedele said the Meeting is aimed at correcting misinformation spreading across the media space about the impact of the Reforms on the Nigerian Diaspora global community.
According to him, the tax Reforms are protective and investor-friendly, and they encourage trade surpluses, balance of payments, unified foreign exchange rates, and harmonisation of collective taxes and levies.
Oyedele emphasised that there are exemptions and reductions in WHT (withholding) rates, higher exemption thresholds for small businesses, elimination of tax on investment and capital, incentive rationalisation, reduction of the VAT burden, and other structural and fiscal constraints.
The Presidential Fiscal Policy and Tax Reforms Committee, Chairman, also took time to address issues raised regarding the Reforms and assured that no such taxes are applicable, stressing that Nigeria remains the destination for investment and business.
Other grey areas and issues needing clarification were addressed. These include questions such as: Will monies sent to Nigeria be taxed? What about Double taxation and tax treaties with other countries? Non-resident taxation? What about Income Taxes on Diasporas? What about the impact on Small businesses? What about the impact on Real Estate investment? Impact on retired Diasporas with property in Nigeria? Do we have tax filing obligations in Nigeria while abroad?
In her remark, Dabiri-Erewa said that Diasporas, as strategic and major contributors to National Development, should be duly and fully informed of the impact of the new Fiscal Policy and Tax Reform Laws, scheduled to commence in January 2026.
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