Foreigners earning income in Nigeria could soon be subject to taxation under a proposed amendment to the National Identity Management Commission (NIMC) Bill.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, announced the proposed amendment on Wednesday, September 25th, following the Federal Executive Council’s approval of the Economic Stabilization Bills.
The amendment would require all individuals residing in Nigeria, including foreigners, to register with NIMC and obtain a tax identity. This would enable the government to collect taxes from those earning income within the country. Previously, foreigners were exempt from taxation in Nigeria.
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In addition to the NIMC Bill, the Economic Stabilization Bills also propose amendments to the operating laws of the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA).
The amendments would require these agencies to charge their fees, levies, and fines in Naira instead of dollars.
This move is part of the government’s efforts to promote the use of the Nigerian Naira and reduce the dependence on foreign currency in the economy.
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