The Federal Government of Nigeria is set to commence the collection of taxes on profits made in the country by global technology and digital firms not based in the country, but with significant economic presence.
This was disclosed by the Vice President of the Nigeria, Prof. Yemi Osinbajo while speaking with a delegation of the Chartered Institute of Taxation of Nigeria.
Osinbajo added that the country experienced severe economic downturn which of course implies that it may not be able to collect taxes with the aggressiveness that would ordinarily be expected.
He noted that it has become necessary to widen its tax net so that more people who are eligible to pay tax are paying.
On his part, President of CITN, Mr. Adesina Adedayo, commended the leadership of the Vice President in the implementation of key government interventions in the economy.