Vice President Yemi Osinbajo has disclosed that the federal government will be taxing profits made locally by global technology and digital firms not based in Nigeria, but with significant economic presence in the country.
Osinbajo who made the announcement during an interactive session with delegates from the Chartered Institute of Taxation of Nigeria led by its President, Adesina Adedayo, at the Presidential Villa, said these global tech giants will be taxed even if they have not established an office or have a permanent establishment in the country.
He also pointed out that Section 4 of the Finance Act 2019, provides that the finance minister, may by order of the president, determine what constitutes the significant economic presence of a company, other than a Nigerian company.
A statement released by his media aide, Laolu Akande read;
“While the Federal Government will not be raising tax rates at this time, based on the Finance Act 2019, it’s already…
Source: Linda Ikeji