The Federal Ggovernment (FG) has proposed the collection of Companies Income Tax (CIT) from profits made by foreign digital companies with a “significant presence” in Nigeria.
BizWatch Nigeria recalls that the 2021 Finance Bill which was passed to the national assembly also empowered the Federal Inland Revenue Service (FIRS) to administer the tax.
The bill is for tax collection in 2022.
The bill amends Capital Gains Tax Act; Companies Income Tax Act; Federal Inland Revenue (Establishment) Act; Personal Income Tax Act; Stamp Duties Act; Tertiary Education Trust Fund (Establishment) Act; Value Added Tax Act; Insurance Act; Nigerian Police Trust Fund (Establishment) Act; National Agency for Science and Engineering Infrastructure Act; Finance Control and Management Act; and Fiscal Responsibility Act; and for Related Matters, 2021.
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