Foreign currency earners in Nigeria now face worldwide income tax under new law

Under the Nigeria Tax Act effective January 1, 2026, Nigerians earning salaries in foreign currencies from foreign companies while residing in Nigeria may now be subject to Nigerian income tax. The new framework shifts the basis of taxation from the employer's location to the individual's tax residency. This means that foreign currency earners living in Nigeria could face taxation on their worldwide income. The change is part of broader tax reforms aimed at expanding the tax base.

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