The Federal Inland Revenue Services (FIRS) says it will provide the required information, guide and answer the questions on tax matters of Nigerians in the Diaspora interested in investing in the country.
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.
He said that the only way out of recession was for government to spend money, noting that government can have money to spend when everybody pays their taxes.
“ It is right that Nigerians who are making money in the country to pay tax for government to raise money to deliver the required services.“
He said that the repatriation of Diasporas fund would trigger investment, adding that the availability of investments in the country would lead to creation of jobs and payment of taxes.
Responding, Dabiri said that the contribution of Nigerians living in Diaspora to the development of the economy could not be ignored.
She said that Nigerians in Diaspora had so far formally remitted 35 billion dollars into the country in 2016.
Dabiri said many of the Diasporas were eager to invest in Nigeria, but needed to get the right information on investment and tax related matters.
“ A lot of them have come back and they are paying their taxes and there is also a lot of them that want to come back to set up businesses and they want to know whether there will be tax incentives .
“For those who want to go into agriculture, industry and various sectors, what will happen in the revenue service, what are the plans and projects for them.
“So we need to communicate with them., we want to know how can we partner with FIRS in terms of tax incentives for real and genuine Diasporas.
“People who want to do business, what are the plans for them so we can disseminate the information to them.“
She said it was cheering that there were incentives for Nigerians in Diaspora and other foreigners who want to invest.
She called for more incentives for Nigerians abroad interested in investing, noting that their investments would impact positively to the economy.
“At this time of recession in Nigeria, Nigerians in disapora have a critical role to play. So we are looking for them; we are meeting them and it is good news about Nigerians abroad.
“As we speak with you now, about 20 investors are in the country looking for various areas to invest in.
Dabiri said that the Disapora bond would soon be floated to support foreign investors .(NAN)