The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has moved to allay the fears of Nigerians in the diaspora, stating categorically that their foreign income and remittances into the country are not subject to taxation under the proposed tax reforms.
Oyedele gave this clarification in the second edition of the committee’s public education series titled “Fact Not Fear,” released to address widespread misinformation regarding the new tax laws.
Responding to concerns that the government intends to tax funds sent home by Nigerians living abroad, the tax expert described the claims as unfounded.
He explained that income merely brought into or received in Nigeria is legally exempt from tax.
According to him, tax liabilities are strictly limited to income, profits, or gains that are accrued in or derived directly from Nigeria.
The committee chairman emphasized that the new legal provisions offer greater clarity and protection for citizens living abroad.
He noted that the reforms provide explicit exemptions for persons resident outside Nigeria, ensuring that their foreign earnings remain untouched by the Nigerian tax authorities.
He also highlighted that the law now includes unilateral tax relief provisions designed to protect resident taxpayers from the burden of double taxation.
Summarizing the intent of the reforms, Oyedele stated that the bottom line of the new regulations is to safeguard non-residents from being taxed on foreign income brought into the country while simultaneously protecting residents with robust safeguards.
He urged Nigerians to prioritize evidence over emotion when digesting public policy news.
Challenging critics and purveyors of fake news, Oyedele advised the public to always demand legal proof for controversial claims by asking, “Where is it in the law?.”
