FG to tax profits made by Google, Twitter in Nigeria

News - by RadioNow / Jun. 28th, 2021

Vice-President Yemi Osinbajo during an interaction with a delegation of the Chartered Institute of Taxation of Nigeria (CITN), says the federal government is set to tax profits made in Nigeria by global technology and digital firms not based in the country, but having a significant economic presence.

The Vice President said the federal government will not be raising tax rates at this time but will utilise the legal provisions of the finance act of 2019 to receive taxes from the tech firms.

He said although the social media companies and technology firms are not established in Nigeria, they possess significant economic presence in the country.

The CITN delegates were led by Adesina Adedayo, the institute’s president, to the Presidential Villa in Abuja.

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