Dear Dr. Falola: E O pe fun wa o. (Thank you!)
Here is my contribution on the issue of Voting and Taxes (my 2cents)
Voting for candidates for federal offices does not affect our federal or state tax liability, but Voting for candidates for state or local offices could affect our state tax liability. This is a general rule. The U.S. requires all its citizens to file tax returns reporting their earnings wherever they reside. However, there are some measures designed to reduce the international double taxation that results from this requirement.
First, an individual who is a bona fide resident of a foreign country or is physically outside the United States for an extended time is entitled to an exclusion (exemption) of part or all their earned income (that is, personal service income, as distinguished from income from capital or investments). That exemption is $100,800 for 2015, pro-rated.
Nigeria has already considered this option and is also implementing it wherever it can. The government of Nigeria believes that harmonization of taxes is necessary to reduce double/ multiple taxations on a single taxpayer. Every level of government, local, state, or federal will encourage voluntary compliance to make it convenient as well as liable for every individual within its jurisdiction to pay taxes.
Nigeria has several tax treaties referred to as "Double Taxation" Agreements with several countries. This is to ensure that the tax payable in Nigeria on the profits of a Nigerian company being remitted into the country are reduced by the amount of "foreign Tax" paid abroad and vice versa. Though it is slightly different between Corporations and Individuals, nonetheless general rules apply, whereby an overseas company, which receives profits from Nigeria, will be taxed in Nigeria, and perhaps in their country too.
All Nigerian diplomats and other foreign service personnel such as military and so on pay taxes to Nigeria and not to the country where they serve. This is where harmonization of these taxes work well. Note that there are many ways that these taxes are collected to make it seamless for the taxpayers. Nevertheless, I feel strongly about diaspora voting. Several years ago, before this idea got popular in the Nigerian community, I had single-handedly argued for this option at the United Nations hearing on its 10-years revision of its policy towards Africa. I was laughed at and called names, they said I have spent too much time abroad and did not know what I was talking about. However, my argument then is still valid today as it was then.
Nigeria leads the world in highest educated expatriates in the world and this would translate to the fact that a significant Nigeria's brain power is in Diaspora. Thus, running the country without the input of its Diaspora is a great loss and disservice to self. I know exactly when this idea got to NIDO and who broadcasted it without honoring the source. I know when people wide and far contributed money to the idea of Nigerian overseas voting. I could not understand why you needed to donate money for that, but whatever floats the boat.
Now, it appears once again to me that we are further complicating the issue with covetousness and avarice. The idea of Diaspora bonds was also an initiative from our group. We had three options, the African Diaspora bonds, African Diaspora Mutual Funds, and African Diaspora Credit Union. It is very difficult to motivate Africans in Diaspora beyond words into consensus and action on new activities. The Diaspora bonds will be filled with foreigners with deep pockets and very few citizens. While this is a pessimistic view, it is also grounded in reality and experience. This means that perhaps the government should be enticing the Diaspora with some attractive incentive to promote trade, easier to register businesses and making a long-term investment in the country.
Voting and Taxation are not mutually exclusive. I am disappointed that we still do not have non-resident citizen voting system abroad. The talk of database churns my stomach. What database? All Nigerians passport holders can vote; our passport is our ID and that should provide enough data for the basis of voters registration.
It is not a brain surgery; Cameroon, Senegal, Namibia all have Overseas voting policies; the Electoral Amendment Act 2013 (see Electoral Act 73 of 1998 including Regulations) gives all South African citizens the right to register and vote abroad.
Best wishes,
Wale
African Views
Israel's Approach
In 1951, the Development Corporation of Israel implemented a program seeking aid from its diaspora with the objective of raising foreign exchange for the state. The annual issuances of these bonds are seen as a stable source of overseas borrowing while also allowing Israel to maintain ties to its expatriates. While Israel has sought aid as a means to build infrastructure rather than assistance during financial crisis, investments have jumped steeply during times of need. Annual sales of DCI bonds increased about $150 million during the 1973 Yom Kippur War from the prior year and by $500 million during the 2001 9/11 terrorist attacks. Unlike India's diaspora bonds, DCI bonds never matched or exceeded the interest rates of U.S. Treasury Notes.
--On Thu, Jan 12, 2017 at 11:41 AM, Mobolaji Aluko <alukome@gmail.com> wrote:--Joe Attueyi:Not all Americans living "no matter where they live on the planet" pay taxes, just as not all Americans who live in the USA pay taxes - BEFORE they vote. If you don't earn money, you don't pay taxes. If you don't earn money ABOVE a certain amount, you don't pay NET taxes, even if you pay SOME taxes as you EARN;. Now, if you are not of a certain age, whether you pay taxes or not, or if you are excluded due to a criminal record, you don't vote, whether you had paid taxes or not before incarceration.So if Nigeria wishes to specify that to continue to maintain your citizenship when living outside the shores of the country, you must, at the very minimum(1) register your name in the foreign mission of residence and(2) REPORT your earnings AND taxes paid to your host country,then fine. Those two steps should be a minimum to indicate that you still feel under some authority of your country of birth.However, if, after that, Nigeria wishes to(3) impose a nominal DIASPORA tax (with a maximum cap and a minimum alternate minimum tax) based on net income (earnings after taxes) in the denomination of the country of residence,then fine too.I am prepared to do all three in simultaneous exchange for a Diaspora vote, but Nigeria should not unnecessarily burden Nigerians in the Diaspora to pay taxes BEFORE they vote, just as it does not burden Nigerians WITHIN Nigeria to pay taxes before they vote, otherwise it will look like a punishment to go abroad.I do not think that the Diaspora Bond should be connected in any real way to the Diaspora vote. Provided the Bond Prospectus is properly drawn up, then a certain level of risk involved in investing in all securities - accompanied with a measure of patriotism in accepting certain lowered interest rate over a long maturity period - should be accepted by Diasporans and others included.And there you have it.Bolaji AlukoOn Thu, Jan 12, 2017 at 4:53 PM, 'Joe Attueyi' via AfricanWorldForum <africanworldforum@googlegroups.com > wrote:--AnthonyShould Nigerian citizens not also pay tax to Nigeria "...
no matter where they live on the planet." Americans pay tax and vote "...
no matter where they live on the planet. JoeSent from my iPhone
On 12 Jan 2017, at 3:34 PM, 'Anthony Momah' via OkonkwoNetworks <okonkwonetworks@googlegroups.com > wrote:
NIGERIAN CITIZENS should be able to vote, in their National election, no matter where they live on the planet.--
From: 'Afis Deinde' via AfricanWorldForum <africanworldforum@googlegroups.com >;
To: <africanworldforum@googlegroups.com >;
Cc: Nebukadineze@aol.com <Nebukadineze@aol.com>; <TalkNigeria@yahoogroups.com>; NIgerianWorldForum@yahoogroups.com <NIgerianWorldForum@yahoogroups.com >; <NaijaObserver@yahoogroups.com>; Ola Kassim <olakassimmd@aol.com>; NaijaPolitics@yahoogroups.com <naijapolitics@yahoogroups.com >; rotfash@yahoo.com <rotfash@yahoo.com>; Ishola Williams <isholawilliams@gmail.com>; Raayiriga@yahoogroups.com <Raayiriga@yahoogroups.com>; Vincentotuonye@msn.com <vincentotuonye@msn.com>; Odua <OmoOdua@yahoogroups.com>; OKONKWONETWORKS@googlegroups.c om <okonkwonetworks@googlegroups.com >; FORUM IGBO WORLD FORUM IGBO WORLD <igboworldforum@yahoogroups.com >; YanArewa@yahoogroups.com <YanArewa@yahoogroups.com>; Ike Agbor <ikeagbor@yahoo.com>; Nigerian ID <NigerianID@yahoogroups.com>; John Ebohon <ebohon@dmu.ac.uk>; MGAdeniyi@aol.com <mgadeniyi@aol.com>; A. Gml <abba2007@gmail.com>; <naijaevent@googlegroups.com>;
Subject: Re: [africanworldforum] Re: Adeosun:$300m Diaspora bond out in March
Sent: Thu, Jan 12, 2017 3:02:08 PM
OkonkwoNetworks..........Building NIGERIA of our DREAM
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