Home Internet Google to raise ad fees to cover Austrian tax

Google to raise ad fees to cover Austrian tax

- Advertisement -

Vice President Yemi Osinbajo has disclosed that multinational digital companies operating abroad with significant economic presence in Nigeria will be subjected to taxation under the new Finance Act.

He revealed only companies that have a physical presence in the country were being taxed previously, adding that the new law had changed this.

- Advertisement -

Osinbajo made this on Friday, January 31, in Abuja during a lecture titled, ‘Economic Dimension of National Security: The Nigerian Experience,’ organised for participants of Course 28 of the National Defence College.

He said, “So, most digital and multinational technology companies do not have a physical presence in Nigeria, yet make significant income in Nigeria from online activities.

“They pay no tax to Nigeria because they do not have a physical presence in Nigeria, now we are no longer relying on physical presence.”

“Under the new Act, once you have a significant economic presence in Nigeria, you are liable to tax whether you are resident here or not,” he noted, adding that non-residents, who previously had no fixed address would now be taxed under the new Act.

France and the UK have announced their intention to tax companies like Google, Facebook and Twitter but France said days ago it will suspend the plan while international efforts announced at the last World Economic Forum seek to find a global answer.

The US is particularly against the tax understandably because virtually all the firms are American.

Pauline A . E
Pauline A . E
Be the change you want to see in the world...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

video

10 AMAZING Mini Gadgets Available Online

10 AMAZING Mini Gadgets Available Online... It’s no secret that modern-day technology comprises gadgets that are a product of miniaturization; after all, everything is better...
video

Samsung – THIS IS AWESOME!

Samsung - THIS IS AWESOME! Samsung phone cameras are known to be one of the best in the world. In fact, the Galaxy S21 Ultra...
video

The Smartwatch I’ve Always Wanted

The Smartwatch I've Always Wanted...
video

BEWARE – These Gaming PC Parts ARE NOT Worth Buying!

BEWARE - These Gaming PC Parts ARE NOT Worth Buying! Intel Z590 Motherboards are terrible value! If you're buying a gaming PC build in 2021,...
video

Apple iPhone Cases – Silicone vs Leather vs Clear and Which One Should You Choose?

Apple iPhone Cases - Silicone vs Leather vs Clear and Which One Should You Choose? iPhone 12 MagSafe Leather and Silicone cases have been around...
error: Alltechng Content is protected !!