Nigerians doing business abroad henceforth will no longer be exempted from paying tax as the Federal Government is set to launch a country exchange financial information with other member-countries to ensure compliance
The Chairman of the Federal Inland Revenue Services (FIRS), Babatunde Fowler dropped the hint yesterday after attending the Federal Executive Council meeting with Finance minister Kemi Adeosun where Council ratified the automatic exchange of information with other countries.
“I was here today to attend the meeting with the minister of finance to ratify the automatic exchange of information. Basically, what this means is that Nigeria as a country exchange financial information with other member-countries which hopefully should improve our revenues and also ensure that all Nigerians that do have investments or businesses or incomes abroad will pay their taxes as and when due,’ Fowler said.
As regards compliance with the Federal Government’s Voluntary Assets and Income Declaration Scheme VAIDS, Fowler said the response has been very good,
“We are collating all the figures both at the federal and state levels and I believe that by the middle of July, we should be able to tell the nation the exact progress in terms of the numbers that have declared, amount that have been paid and amount that is going to be paid in instalmentally,” he said.