FIRS to Support Nigerians in Diaspora Willing to Invest in Nigeria

By December 22, 2016 Investment News

The Acting Chairman of FIRS, Mr. Babatunde Fowler, said this while receiving the Senior Special Assistant to President Muhammadu Buhari on Foreign Affairs and Diaspora, Mrs. Abike Dabiri, on Tuesday in Abuja.

Fowler said there were existing tax laws in the country designed to promote investment of Nigerians in the Diaspora willing to invest in the country.

“If they decide to come as investors, we do have tax duties, and also not believe in double taxation.

“So if they pay their taxes on their income abroad, they will not have to pay taxes when they invest in Nigeria. “

He said many Nigerians living in the country were not complying with payment of taxes.

He, however, said that 99 per cent of Nigerians living abroad were compliant to the payment of taxes in the countries of residence.

In terms of issues of giving tax incentive, pioneer status, or waivers to diasporas who want to invest in Nigeria, he said the responsibility was with the Federal Ministry of Finance.

“For pioneer status, once they make application, it will be looked by a new committee set up by the Minister of Finance.

“And if it is an area where they require pioneer status, I am sure it will be granted.“

Fowler said FIRS would collaborate with the Ministry of Trade and Investment and the office responsible for Diaspora matters to promote inflow of investment in the country.

Source: <National Mirror>