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FG Plans To Tax Netflix, Twitter, Facebook & Others

The plans to tax foreign digital service providers offering services to Nigerians and earning revenue in naira.

Some of these service providers which are video streaming sites, social media platforms, and companies that offer downloads of digital contents are expected to pay digital tax to the Federal Inland Revenue Service.

The Minister of Finance, , had issued the Companies Income Tax (Significant Economic Presence) Order, 2020 as an amendment of the Finance Act 2019.
The order aimed to impose a tax on a foreign entity with respect to certain services or digital transactions if it had a Significant Economic Presence in .
It further stated that the finance minister may by order, determine what constituted in .

, , , among others are some of these foreign companies that offer digital video and advertising services to Nigerians.
Others like Alibaba and Amazon generate revenue from by processing and transmitting data collected about users in , provision of goods or services directly or through a digital platform or offer intermediate services that link suppliers and customers in .
The new regulation would apply to companies with income of N25m or equivalent in other currencies from in a year and those with a Nigerian domain name (.ng) or a website address in the country.
The order mandated foreign companies with sustained interactions with persons in and customizing their digital platforms to target persons in by stating the prices of its products or services in naira to pay taxes.
According to the Act, a foreign entity providing technical services such as training, advertising, supply of personnel, professional, management or consultancy services shall have a in in any accounting year if it earns any income or receives any payment from a person resident in or a fixed base or agent of a foreign entity in .
However, payments made to employees of a foreign entity or for teaching in an educational institution are exempted.
Analysts at PricewaterhouseCoopers said some affected foreign digital companies would be required to register for income taxes in and file annual tax returns even if they did not have a physical presence in .

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They added that Nigerian resident businesses (as well as the fixed bases of non-resident companies) that have transactions with the affected non-resident companies would also be required to account for withholding tax on some payments made to these foreign companies.
PwC raised concerns as to how the FIRS would enforce compliance without international consensus, as a number of the companies affected might be outside the territorial reach of the agency.
According to the consulting firm, the problem will also be exacerbated where the companies sell their products and services directly to individual consumers in .

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53 Responses

  1. Elisha says:

    Wetin do una again
    Money wey una collect never do abi…

  2. Smiley 😊 says:

    Money wey dey go still embezzle

  3. Brown says:

    Mtcheew …dey Collect am wetinq una go still use am do

  4. Ayomide says:

    Ahahah… They should not do that ooo

  5. Abdulsomad says:

    Nice move

  6. MJ says:

    What does the FG want again 🤦

  7. Jayford says:

    I no understand watin dey do Nigeria seff with all the money FG cashout e never do unha abi 🤦🏾‍♂️ mtcheww

  8. Fejiro says:

    For what reason

  9. Hormo says:

    For what o?

  10. Fejiro says:

    Hmm this matter needs to be settled

  11. His Anointed says:

    These people are not in their right senses…

  12. DannyYhoung says:

    Nigeria too like money

  13. Bolu says:

    All are just there to talk all the money

  14. Christian says:

    E no concern me, but seriously this tax thing should have taken place long time ago but because Nigeria is so corrupt both leaders and citizens, that’s why it’s so easy for foreign service like this to generate income from us without tax and other necessary commodities

  15. Akinola Precious says:

    Na now dem get sense, lol

  16. Bolu says:

    All na just playing is in this world

  17. Gideon says:

    For what reason

  18. Hojay says:

    Nigeria like money

  19. Olabode says:

    Nigerians especially F.G and money? What’s their reason for this?

  20. Empire says:

    This FG is a complete joke

  21. Davins says:

    Hmmm its going to affect the citizens as well

  22. Emmanuel says:

    Waiting Twitter do una

  23. Dolapo says:

    Abeg… Make una park well ooo

  24. HYPOTHETICAL says:

    Hummmm
    May God help 🙏

  25. Okoro Samuel says:

    Nigeria matter don tire me

  26. Daniel says:

    Very interesting

  27. Odegbile timflex says:

    For wetin

  28. RenOfure says:

    Lmao… New ways to make money fa

  29. Scar says:

    So these idiots want to have small sense

  30. Ayomide says:

    FG nhah theif no cap

  31. Wale says:

    Nice one. Let me sit down wella

  32. Efe says:

    It’s alright

  33. Zee says:

    Nice one oh

  34. Joshemick says:

    Na dem knw oo… Tin de 4 don do since mtcheew

  35. Jeremiah says:

    Them don come again 😂

  36. Ayanwale Mary says:

    Our leaders will never ceases to amaze me

  37. Okybrass says:

    It’s okay

  38. Jerry says:

    As if dey can do it

  39. HFD says:

    Bad people

  40. Mazi says:

    Na now their sense open, money way dem go still embezzle

  41. Alex says:

    Scam everywhere

  42. Folake says:

    Abe let’s all be using VPN jare

  43. Tumzy says:

    These guys are really confused

  44. Elisha says:

    See Dem
    E be like say deir money don finish

  45. Dara says:

    FG be looking for ways to extort us

  46. Maxi says:

    May them no sha cut us off their service

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