The Presidency has said that foreigners earning income in Nigeria will henceforth pay taxes under a proposed amendment to the National Identity Management Commission, NIMC Bill, 2024.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, made this known while briefing State House correspondents on Wednesday in Abuja.
Onanuga said the proposed NIMC Bill was part of the Economic Stabilisation Bills approved by the Federal Executive Council, FEC, on Monday, soon to be forwarded to the National Assembly for consideration.
According to him, the Economic Stabilisation Bills comprised many bills, which included a bill on the plan to amend the NIMC Bill 2024.
“This bill will amend the law that was made some years ago, and it now provides, if the National Assembly passes that bill, that everybody living in Nigeria, foreigners, all of them will now be registered and be given tax identity.
“Once you are doing some work here and you are earning income, you will be registered and given tax identity and you will be taxed, and you come under our tax structure.
“The law that was set up initially precluded foreigners from being registered, and so they were not taxed,” said Onanuga.
He said another bill, which was part of the Economic Stabilisation Bills, had to do with the operating laws guiding the Nigerian Maritime Administration and Safety Agency, NIMASA, and the Nigerian Port Authority, NPA.
He added that another bill, which is a component of the Economic Stabilisation Bills, is the Tertiary Education Trust Fund Amendment Bill 2024, an element of the Nigerian Education Loan Fund.
Onanuga said an amendment had been proposed to the Tertiary Education Trust Fund Act, which stipulated that before disbursement of the amount in the fund, 30 per cent would be transferred to the Nigerian Education Loan Fund.
According to him, that would provide a ready-made source of funding for the Nigerian Student Loan Fund.
DAILY POST recalls that FEC approved the Economic Stabilisation Bills, which proposed specific measures, draft laws, and policies aimed at improving the overall economic environment.
The Economic Stabilisation Bills also include proposals for the amendment of the Foreign Exchange Act, Companies Income Tax Act and Fiscal Responsibility Act.