• Latest
  • Trending
Twitter, Facebook, Google, Others To Now Pay Tax In Nigeria As Senate Passes Finance Bill

Twitter, Facebook, Google, Others To Now Pay Tax In Nigeria As Senate Passes Finance Bill

What you need to Know about ‘New deadly’ Lakurawa Group Terrorising Nigeria’s Northwest

3 Killed in Deadly Bandit Ambush on Kwara Motorists

Ebonyi Government Raises Minimum Wage to N90K for Workers

Ebonyi Government Raises Minimum Wage to N90K for Workers

Nigerian Govt gifts Teenager who Won Global English Contest N200K

Nigerian Govt gifts Teenager who Won Global English Contest N200K

President’s Son Jailed Over Secret Sale of National Airline Plane

President’s Son Jailed Over Secret Sale of National Airline Plane

Kogi Final-Year Student Dies During 6-Month Pregnancy Abortion

Kogi Final-Year Student Dies During 6-Month Pregnancy Abortion

Tinubu Govt Backtracks as Japan Denies ‘Special Visa’ for Nigerians

Tinubu Govt Backtracks as Japan Denies ‘Special Visa’ for Nigerians

Delta Police Nab Officers Caught Counting Extorted Cash in Viral Video [Watch]

Delta Police Nab Officers Caught Counting Extorted Cash in Viral Video [Watch]

Friday, August 29, 2025
  • Login
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
iDeemlawful
No Result
View All Result
iDeemlawful
No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
Home Breaking News

Twitter, Facebook, Google, Others To Now Pay Tax In Nigeria As Senate Passes Finance Bill

by iDeemlawful
December 22, 2021
in Breaking News
A A
0
Twitter, Facebook, Google, Others To Now Pay Tax In Nigeria As Senate Passes Finance Bill

The passage by the Red Chamber of the National Assembly, followed the consideration of a report by the Senate Joint Committee on Finance; Customs, Excise and Tariff; Trade and Investment.

The Nigerian Senate yesterday passed the Finance Bill 2021, which was transmitted to the National Assembly by President Muhammadu Buhari, on December 7, 2021. According to The Nation, the passage by the Red Chamber of the National Assembly, followed the consideration of a report by the Senate Joint Committee on Finance; Customs, Excise and Tariff; Trade and Investment.

One of the major highlights of the Bill is the aspect equipping the Federal Inland Revenues Service (FIRS) with the power to evaluate non-resident firms like Twitter, Facebook, Google, and Netflix, among others.

They are to be taxed on fair and reasonable turnover earned from digital services to Nigerian customers.

SeeThese

FCCPC Replies Meta’s threat to Quit Nigeria over ₦220 Million Fine

JUST IN: Governor Adeleke cast his votes as Osun LG poll begins

Meranda presides over Lagos Assembly plenary amidst Tension

The Finance Bill further directs FIRS to appoint persons for the purpose of collection and remittance of non-resident taxes.In his presentation, Chairman of the Joint Committee, Senator Solomon Adeola, said the Bill seeks to support the implementation of the 2022 Federal Budget of Economic Growth and Sustainability by proposing key specific taxation, such as Customs Duties, fiscal charges and other relevant laws.Adeola, representing Lagos West, said a total of 12 Acts were amended under the Finance Bill which contained 39 clauses.

He said the Bill sought to promote fiscal equity, align domestic tax laws with global best practices, introduce tax incentives for infrastructure and the capital market and support small businesses with a view to increasing government’s revenue.

“The Finance Act 2020 was predicated essentially on having no new taxes and no new incentives due to the COVID -19 impact on the economy, as such, it was structured across four broad thematic areas; Enacting counter cyclical measures and crisis intervention initiatives; Tax, fiscal responsibility and public procurement reforms; Reforming fiscal incentives policies for job creation; ensuring closer coordination of monetary, trade and fiscal policies and Enhancing tax administration,” Adeola said.

According to the committee, it was recommended that five per cent Capital Gains Tax be imposed on shares’ disposal transactions where gains exceed N250million in 12 months.It also recommended that Gaming and Lottery companies be taxable, as it applied to oil and gas companies.

The Bill underscored the need for midstream and downstream oil and gas companies to be liable to corporate tax, without the benefit of tax exemptions for firms exporting goods to earn foreign exchange.

The Bill equally sought more powers for the Federal Inland Revenue Service (FIRS) to collect the Nigeria Police Trust Fund (NPTF) levies on Nigerian companies and to streamline tax, levy collection from Nigerian companies in line with the administration’s ease of doing business reforms.

The committee noted the need for the Nigerian Government to ascertain that FIRS deploys both proprietary and third-party tech applications to collect information from taxpayers, enhance confidentiality and non-disclosure and to enable them investigate tax evasion and other crimes and sanction tax defaulters.

The Bill further empowers FIRS to assess and tax non-resident firms on fair and reasonable turnover basis on revenue earned from digital services to Nigerian customers, with a further mandate to appoint persons for the purpose of collection and remittance of non- resident taxes.

Tags: FacebookiPadNetflixTwitter
Share196Tweet123SendShare
Previous Post

JUST IN: Senate Succumbs To Pressure, Fails To Override Buhari On Electoral Bill

Next Post

NYSC Reacts To Detention Of Female Soldier, Sofiat For Accepting Marriage Proposal From Member

iDeemlawful

iDeemlawful

Next Read

What you need to Know about ‘New deadly’ Lakurawa Group Terrorising Nigeria’s Northwest
Breaking News

3 Killed in Deadly Bandit Ambush on Kwara Motorists

...

Read more
Delta Police Nab Officers Caught Counting Extorted Cash in Viral Video [Watch]
Breaking News

Delta Police Nab Officers Caught Counting Extorted Cash in Viral Video [Watch]

...

Read more
AAU ASUU Condemns SIT Over Alleged Activities, Set For Legal Action
Breaking News

ASUU Issues Ultimatum, Threatens Nationwide Strike

...

Read more
Drama as EFCC Boss Orders Arrest of Ex-Staff after Appearing on Matchmaking Show
Breaking News

Drama as EFCC Boss Orders Arrest of Ex-Staff after Appearing on Matchmaking Show

...

Read more
11, 629 Teachers Sit for professional examination
Breaking News

JAMB Orders Re-Upload of WAEC Results

...

Read more
50-Year-Old Widow Fakes Pregnancy to Smuggle Cocaine
Breaking News

50-Year-Old Widow Fakes Pregnancy to Smuggle Cocaine

...

Read more
15 Die in Kwara road Accident
Breaking News

Pregnant Woman ‘Murdered, Butchered’ by Brother-in-Law in Kwara

...

Read more
‘Why EFCC arrested Ogun assembly speaker’
Breaking News

EFCC Invites CBEX Victims to Lagos, Ibadan Offices

...

Read more
Next Post
NYSC Reacts To Detention Of Female Soldier, Sofiat For Accepting Marriage Proposal From Member

NYSC Reacts To Detention Of Female Soldier, Sofiat For Accepting Marriage Proposal From Member

NECO Sets To Make Examinations Compulsory In All Schools

NECO Sets To Make Examinations Compulsory In All Schools

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

List Of Requests In Peter Obi’s Petition To Nullify Tinubu’s Victory

Tribunal: Obi closes case against Tinubu with 13 instead of 50 witnesses, others

Just In: Benin Republic Extends Detention of Sunday Igboho

Just In: Benin Republic Extends Detention of Sunday Igboho

Anthony Joshua lost N1.4bn after Usyk defeat

Anthony Joshua lost N1.4bn after Usyk defeat

Most Popular

What you need to Know about ‘New deadly’ Lakurawa Group Terrorising Nigeria’s Northwest
Breaking News

3 Killed in Deadly Bandit Ambush on Kwara Motorists

Ebonyi Government Raises Minimum Wage to N90K for Workers
Featured

Ebonyi Government Raises Minimum Wage to N90K for Workers

Nigerian Govt gifts Teenager who Won Global English Contest N200K
Campus News

Nigerian Govt gifts Teenager who Won Global English Contest N200K

iDeemlawful

Copyright © 2019 iDeemlawful.

Useful Links

  • About Us
  • Advertise with Us
  • Editorial Policy

Follow Us

Copyright © 2019 iDeemlawful.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In