The Chairman, Presidential Fiscal Policy and Tax Reforms Committee Mr Taiwo Oyedele says Nigerians in the Diaspora do not need to panic as the Federal Government’s Fiscal Policy and Tax Reforms are protective.
He also added that it will be investors’ friendly, as well as encourages trade surplus, balance of payment, unified foreign exchange rates, harmonisation of collective taxes and levies.
Oyedele highlighted this during a joint virtual meeting with Abike Dabiri-Erewa, Chairman/CEO, Nigerians in Diaspora Commission (NiDCOM) organised for Nigerians living abroad in Abuja recently.
Whule the Meeting is aimed at correcting the misinformation spreading across the media space on the impact of the Reforms as they affect the Nigerian Diaspora global community.
Dabiri-Erewa said that Diasporas as strategic and major contributors to National Development, should be dully and fully informed of the impact of the new Fiscal Policy and Tax Reform Laws, scheduled to commenced in January 2026.
Oyedele emphasised that the Reforms are people-centric, growth-focused and efficiency-driven, adding that there are exemption and reductions on WHT rates, Higher exemptions thresholds for small businesses, eliminate tax on investment and capital, incentive rationalisation, reduction of VAT burden and other structural and fiscal constraints.
Some grey areas and issues needing clarifications 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 impact on Small businesses? What about impact on Real Estate investment?Impact on retired Diasporas with property in Nigeria? Do we have tax filing obligations in Nigeria while abroad?
The Chairman, Presidential Fiscal Policy and Tax Reforms Committee took out time to address the issues raised and gave assurances of no such taxes are applicable adding that Nigeria remains the destination for investment and business.
