–Explains provisions in Finance Act
By Johnbosco Agbakwuru, ABUJA
THE Federal Government yesterday said it was set to utilize legal provisions empowering it to collect taxes on profits made by global technology and digital firms not based in Nigeria, but having significant economic presence in the country.
The Federal Government also while it will not be raising tax rates at this time, based on the Finance Act 2019, it was already empowered to widen the tax net.
Vice President Yemi Osinbajo said this while interacting with a delegation of the Chartered Institute of Taxation of Nigeria, CITN, led by its President, Mr Adesina Adedayo who visited the Presidential Villa, Abuja.
The tax net he said, includes taxes on the Nigerian income of global giants with significant economic presence, even if they have not set up presence or permanent establishment and are currently not paying taxes in the country.
In this regard, Section 4 of the Finance Act 2019, provides…
Source: Vanguard Newspaper