Frequently asked money transfer questions

What are the tax guidelines and regulations for large money transfers to Nigeria?

Getting large amount of money into Nigeria is not taxable for the recipient in Nigeria, but the recipient needs to provide the details of transfer IRS at the right time. If the recipient fails to file the transfer, then he/she has to pay the penalty of 10% on the amount. Besides, gift transfers above $15,000 are taxable in Nigeria.

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