The Presidency has declared that foreign individuals earning income in Nigeria will henceforth be required to pay taxes in line to a proposed amendment to the National Identity Management Commission, NIMC Bill of 2024.
This was disclosed yesterday by the Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, emphasizing that the proposed NIMC Bill was part of the Economic Stabilisation Bills approved on Monday by the Federal Executive Council, FEC, which will be forwarded to the National Assembly for consideration in the shortest possible time.
Onanuga said if the National Assembly passes the amended NIMC Bill 2024, then anyone including foreigners working and earning income in the country would be registered, given a tax identity, and subject to taxation under the national tax structure.
He further revealed that an amendment had been proposed to the Tertiary Education Trust Fund Act, which stipulated that before disbursement of the amount in the fund, 30 percent would be transferred to the Nigerian Education Loan Fund.
Recall that FEC approved the Economic Stabilisation Bills, which proposed for the amendment of the Foreign Exchange Act, Companies Income Tax Act and Fiscal Responsibility Act.
