• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, July 8, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

IFA Backs FIRS’ Rejection Of OECD Digital Economy Tax Agreement

by Bukola Idowu
3 years ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

The International Fiscal Association (IFA) has thrown its weight behind Nigeria for refusing to endorse the Organization for Economic Cooperation and Development (OECD) G20 inclusive Framework two-pillar solution to the taxation of the digital economy, saying it will be an infringement on Nigeria’s sovereignty.

Advertisement

The Federal Inland Revenue Service (FIRS) had last month said Nigeria’s cautious approach to the agreement was in the best interest of the country, and to ensure that Nigeria does not lose out on potential revenue from the digital economy.

Chair of the IFA Africa Region and IFA Nigeria, Dapo Oladimeji noted that the OECD proposal is of no benefit to Nigeria “and FIRS is absolutely right to turn it down. This would be an infringement on our sovereignty.”

IFA is the world’s premier professional organisation for international tax specialists which works closely with UN & OECD. International tax is about income from multi-nationals, the main source of taxation from business and a very important source of government revenue in Western countries.

Oladimeji alleged that the United Stated and European delegates had left the Nigerian delegate in the dark in coming up with the final OECD proposal.

RELATED

Nigeria At 64: ‘Foreign Vessels Coastal Water Domination Collapses Indigenous Shipping’

Freight Rate: Nigeria Loses N7.2trn Annually To Foreign Firms – Report

43 minutes ago
CBN Grants RoutePay Licence To Provide Digital Payment Solutions

CBN Imposes $50 Charge On Non-Resident BVN

48 minutes ago

S examined the proposal in detail they discovered that the promised $150 billion was fairy gold and none would be coming to Nigeria.

“In addition to Nigeria receiving nothing, the Europeans had proposed clauses that would prevent Nigeria from taxing smaller digital companies coming from Europe.” He furthered that beyond foreign direct investments, the tax policy of the country should be focused on job creation.

“In the real world, the most important issue is Jobs not foreign investment. Foreign direct investment is only truly valuable if it brings jobs and if we can have jobs without foreign direct investment even better at this stage of Nigeria’s development.

“Our tax policy should be focused on bringing jobs to Nigeria. If we have the jobs and the multiplier effect, FIRS will have all the tax it dreamt of. This is the way of the future.”

The executive chairman of the FIRS, Muhammad Nami, had in a statement explained that the OECD agreement is unfair to Nigeria and developing countries in general. He stated that the country having reviewed the conditions of the agreement had concerns over the impact that the signing of the agreement would have on the country’s tax system and tax revenue generation.

Nami had noted that the clause which states that for Nigeria to tax multinational enterprise to under the rule, the entity must have generated at least €1 million turnover from Nigeria within a year would be unfair to domestic companies which with a minimum of above N25 million, about €57,000,  turnover are subject to companies income tax.

He added that this rule will take-off so many multinational enterprises from the scope of those that are currently paying taxes to Nigeria, as thus, “even the MNEs that are currently paying taxes in Nigeria would cease to pay taxes to us because of this rule.”

Asids this, the FIRS chair noted that on the issue of dispute resolutions under the Two-Pillar Solution, the rules were such that in the event of a dispute between Nigeria and a Multinational Enterprise, Nigeria would be subject to an international arbitration panel as against Nigeria’s own justice system.

On the issue of Nigeria loosing significant revenue if it fails to sign into the OECD Inclusive Framework rules for the taxation of the digital economy, the FIRS execute chairman noted that this was not a problem as the country had already put forward four ongoing solutions to the challenge of taxation of the digital economy.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Digital Economy
SendShareTweetShare
Previous Post

Troops Clear IPOB/ESN Camps In Anambra, Enugu

Next Post

KDSG unveils General Household Survey

Bukola Idowu

Bukola Idowu

You May Like

Nigeria At 64: ‘Foreign Vessels Coastal Water Domination Collapses Indigenous Shipping’
Business

Freight Rate: Nigeria Loses N7.2trn Annually To Foreign Firms – Report

2025/07/08
CBN Grants RoutePay Licence To Provide Digital Payment Solutions
Business

CBN Imposes $50 Charge On Non-Resident BVN

2025/07/08
Why We Are Investing In Critical Infrastructure – Mbah
Business

Enugu Air Will Be For Traders, Enugu People – Mbah

2025/07/08
Large-cap Stock Drives Local Bourse To N180bn Gains
Business

Equities Market Opens Trading Week With N193bn Gain

2025/07/08
Restore Public Confidence In Judiciary, Panelists Tell Next CJN, Kekere-Ekun
Business

Shettima, CJN, Others Task Judges On Swift, Credible Judgements To Strengthen Capital Market

2025/07/08
NIMR Faces Power Outage Over ₦38m Debt
Business

TCN Adds 250MW To National Grid With New Bauchi Substation

2025/07/08
Leadership Conference advertisement

LATEST

We Are Providing Sustainable Development To Ogoni – HYPREP

Buni Promises New Insurance Scheme For 3,000 Vulnerable

Our Mandate Is To Complete Abandoned Legacy Projects – NDDC

Cameroon Has Not Released From Lagdo Dam – Ministry

PRNigeria Seeks Police Action Against NIPSS Officials Over Cybercrime

CBEX Scam: EFCC Arraigns 2 Over Alleged Investment Fraud

Reps Want Operations, Maintenance Of NASS Complex, Others Taken From FCDA

Tinubu Urged To Investigate PCNGI Scandal

Experts Advocate Legal Framework For Order Of Precedence In Nigeria

CSOs Defend NEPC Boss Amid Alleged Lapses In Promotion Exercise

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.