Twitter, Facebook, Google and others will now pay tax in Nigeria. This is highlighted in the Finance Bill passed by the Senate,
The Finance Bill empowered the Federal Inland Revenue (FIRS) Service to assess taxes from non-resident firms like Facebook, Twitter, Google, Netflix among others based on reasonable turnover earned from digital services to customers in Nigeria.
The bill also empowers FIRS to appoint people for the collection and remittance of such non-resident taxes.
Speaking at the presentation of the bill, the Chairman of the Joint Committee, Senator Solomon Adeola said that by proposing key specific taxation, the bill will help support the implementation of the 2022 Federal Budget of Economic Growth.
He added that the bill will help align domestic tax laws, introduce tax incentives for infrastructure and the capital market, promote fiscal equity and increase government’s revenue.
The committee recommended that 5 per cent gains should be imposed on shares disposal transactions where gains are more than ₦250 million in a year.
