WHEREAS needs attract investments, a 2019 NBS report showed that the natural resources and the economic opportunities in Nigeria have continued to attract Foreign Direct Investments, FDIs, by investors across the world, which culminated in $19.07 billion capital inflow to Nigeria in 2018 of which $7.78 billion represented FDIs while capital inflows from January to May 2019 amounted to $14.2 billion of which $2.87 billion represented FDIs.
Furthermore, the wage gap between expatriate and Nigerian employees is projected to remain, even after the rollout of measures being finetuned must have happened. By 2024, it is expected that the average salary of expatriates will amount to less than 45% above their basic salary annually. This is projected, on average, to increase the earnings of Nigerian nationals and bridge the wage gap to less than 20% between expatriates and nationals.
Revenues from foreign investment in Nigeria have been payments made to the NIS, and taxes remitted to the Federal Inland Revenue Services, FIRS. However, while the law provides for payment of taxes such as the Personal Income Tax Act, PITA, cap P8 LFN, 2007, as amended, which forms the legal basis for taxation of employment income, including those earned by expatriates working in Nigeria, there is no existing legal framework for the new revenue source that the measures in the works target.
. The measures will cover a number of categories of visa and entry permits for expatriates to live and work in Nigeria, including Temporary Work Permit, TWP; Subject to Regularisation, STR, Visa; and the Combined Expatriate Residence Permit and Alien Card, CERPAC. Instructively, the expatriate quota is required for companies seeking to employ expatriates, while CERPAC requires the expatriate to lawfully reside and work in Nigeria.
Various agencies have collaborated to synchronize taxpayer data in line with Nigeria’s efforts to curb tax evasion. The state tax authorities have strengthened collaboration with the NIS to facilitate access to immigration records/ information on expatriates employed by Nigerian companies to verify information received by taxpayers during their periodic tax audit and verification exercises.
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