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Eliminate Multiple Taxations to Enhance Businesses, OPS Tells Govs

Deji Elumoye in Abuja and Dike Onwuamaeze in Lagos Some members of the organised private sector (OPS) have advised state governors to eliminate multiple taxations and introduce measures to further improve Ease of Doing Business (EoDB) in order to attract investors and promote economic growth. This is coming as Vice President Yemi Osinbajo has said Nigeria has faced severe economic downturns, hence the need to widen the tax net so that more people who are eligible to pay tax can pay. The advice by the OPS followed the recent EoDB report released by the Presidential Enabling Business Environment Council (PEBEC), which ranked Gombe State number one among the 36 states with an overall average score of 7.69 out of a maximum score of 10.

We ll tax profits made by global giants in Nigeria, Osinbajo | The Guardian Nigeria News - Nigeria and World News — Nigeria — The Guardian Nigeria News – Nigeria and World News

• Explains provisions in Finance Act The Federal Government is set to utilise 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. It said while the Federal Government will not be raising tax rates at this time, based on the Finance Act 2019, it is already empowered to widen the tax net. This, the FG 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.

FG will tax profits made by global tech, digital giants in Nigeria, says Osinbajo

FG will tax profits made by global tech, digital giants in Nigeria, says Osinbajo
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