FG intensifies efforts to track remote workers & undeclared foreign assets; Signs Data-Sharing Deal with 100+ Countries.
The Chairman of the Presidential Committee on Fiscal Policy & Tax Reforms, Taiwo Oyedele has revealed that Nigeria has entered into agreements with more than 100 countries to track the income of remote workers & citizens with undeclared assets abroad.
Speaking at a webinar hosted by the National Orientation Agency (NOA) on Wednesday, themed “Simplifying Nigeria’s Tax System,” Oyedele said the initiative aims to enforce compliance in the growing digital economy.
“Whether you earn from Google or a company in the Bahamas, you must declare your income yourself,” he said. “If you fail, the system will gather intelligence once the money hits your account.”
He added that Nigeria already receives financial data from countries including the U.S., U.K., Canada & UAE under the Common Reporting Standards (CRS). This allows authorities to monitor citizens holding foreign bank accounts or properties.
Oyedele also discussed Nigeria’s engagement with global tech companies to ensure they remit Value Added Tax (VAT) on services provided in the country.
“If a local shop selling phones charges VAT, online platforms shouldn’t get a free pass. We engaged them collaboratively, and today Nigeria earns billions from digital taxes without confrontation,” he said.
Addressing public concerns about the new Capital Gains Tax (CGT) framework, Oyedele clarified that the law, which takes effect January 1, 2026, will not be applied retroactively. A cost basis reset and grandfathering clause ensure that only profits made after 2026 will be taxed.
He further acknowledged minor errors in the recently gazetted tax legislation regarding turnover thresholds, clarifying that the correct exemption threshold is ₦100 million.
“The regulations will reflect this correction,” Oyedele said, urging Nigerians to comply voluntarily to avoid presumptive assessments.
The Chairman of the Presidential Committee on Fiscal Policy & Tax Reforms, Taiwo Oyedele has revealed that Nigeria has entered into agreements with more than 100 countries to track the income of remote workers & citizens with undeclared assets abroad.
Speaking at a webinar hosted by the National Orientation Agency (NOA) on Wednesday, themed “Simplifying Nigeria’s Tax System,” Oyedele said the initiative aims to enforce compliance in the growing digital economy.
“Whether you earn from Google or a company in the Bahamas, you must declare your income yourself,” he said. “If you fail, the system will gather intelligence once the money hits your account.”
He added that Nigeria already receives financial data from countries including the U.S., U.K., Canada & UAE under the Common Reporting Standards (CRS). This allows authorities to monitor citizens holding foreign bank accounts or properties.
Oyedele also discussed Nigeria’s engagement with global tech companies to ensure they remit Value Added Tax (VAT) on services provided in the country.
“If a local shop selling phones charges VAT, online platforms shouldn’t get a free pass. We engaged them collaboratively, and today Nigeria earns billions from digital taxes without confrontation,” he said.
Addressing public concerns about the new Capital Gains Tax (CGT) framework, Oyedele clarified that the law, which takes effect January 1, 2026, will not be applied retroactively. A cost basis reset and grandfathering clause ensure that only profits made after 2026 will be taxed.
He further acknowledged minor errors in the recently gazetted tax legislation regarding turnover thresholds, clarifying that the correct exemption threshold is ₦100 million.
“The regulations will reflect this correction,” Oyedele said, urging Nigerians to comply voluntarily to avoid presumptive assessments.
FG intensifies efforts to track remote workers & undeclared foreign assets; Signs Data-Sharing Deal with 100+ Countries.
The Chairman of the Presidential Committee on Fiscal Policy & Tax Reforms, Taiwo Oyedele has revealed that Nigeria has entered into agreements with more than 100 countries to track the income of remote workers & citizens with undeclared assets abroad.
Speaking at a webinar hosted by the National Orientation Agency (NOA) on Wednesday, themed “Simplifying Nigeria’s Tax System,” Oyedele said the initiative aims to enforce compliance in the growing digital economy.
“Whether you earn from Google or a company in the Bahamas, you must declare your income yourself,” he said. “If you fail, the system will gather intelligence once the money hits your account.”
He added that Nigeria already receives financial data from countries including the U.S., U.K., Canada & UAE under the Common Reporting Standards (CRS). This allows authorities to monitor citizens holding foreign bank accounts or properties.
Oyedele also discussed Nigeria’s engagement with global tech companies to ensure they remit Value Added Tax (VAT) on services provided in the country.
“If a local shop selling phones charges VAT, online platforms shouldn’t get a free pass. We engaged them collaboratively, and today Nigeria earns billions from digital taxes without confrontation,” he said.
Addressing public concerns about the new Capital Gains Tax (CGT) framework, Oyedele clarified that the law, which takes effect January 1, 2026, will not be applied retroactively. A cost basis reset and grandfathering clause ensure that only profits made after 2026 will be taxed.
He further acknowledged minor errors in the recently gazetted tax legislation regarding turnover thresholds, clarifying that the correct exemption threshold is ₦100 million.
“The regulations will reflect this correction,” Oyedele said, urging Nigerians to comply voluntarily to avoid presumptive assessments.
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