Nigerians in Diaspora’s remittance increases to $35bn in 2016

3 Min Read

Nigerians living outside the country have so far remitted over $35 billion back to the country in 2016, a 67 per cent jump from $21 billion remitted last year.

The Senior Special Assistant to the President on Foreign Affairs and Diaspora matters Mrs Abike Dabiri-Erewa said in Abuja when she paid a courtesy visit to the executive members of the Federal Inland Revenue Services (FIRS) what was remitted by Nigerians living abroad was the highest in Africa and the third largest in the world.”

The former House of Representatives member drew the attention of the FIRS team to tax concerns raised by Nigerians in diaspora.

According to Abike Dabiri-Erewa, “there is a lot of talk about your organization from diasporans concerning taxes whether there will be taxes incentives for Nigerians coming back home to engage in agriculture and other businesses, what are the plans and projects for them. Recently they expressed concern over reports that we need to pay tax on our passports.”

She noted that “both the FIRS and her office need to communicate with Nigerians in diaspora, stressing that “there should be collaboration between both offices to disseminate information in case they have questions or want answers.”

Responding, the Executive Chairman of the FIRS Mr Babatunde Fowler clarified the passport issue by stating that “what we are saying is if you want any immigration services either you want to renew your passport or get a new one so long as you’re an adult and you’re making an income you just have to show evidence of tax payment, there is no direct tax on passports it’s just to show evidence of paying tax and of course you’re entitled to all the services of government.”

Nigerians abroad he said, “have 99.9% tax compliance just because there are consequences for not paying taxes in those countries. If they decide to come as investors we do have incentives for pioneer status or waivers and once they make their application to the federal ministry of finance it would be looked into and if it is in an area of pioneer status am sure it would be granted and we also do not believe in double taxation.”

For Nigerians both at home and abroad, he said “you only pay tax on income of profit, so if you do not make profit you do not pay tax, so also if you don’t have an income. It is only right that those who come to the country to do business and make profit pay tax.”

TAGGED: ,
Share this Article