Connect with us

Economy

Revenue: Deploy technology to tax every e-commerce transactions, Buhari tells FIRS

Published

on

President Muhammadu Buhari
Spread the love

The Federal Inland Revenue Service (FIRS) has been told to deploy the necessary technology to tax every digital transactions within the territory of Nigeria in order to massively raise the nation’s revenue.

President Muhammadu Buhari who was represented by the Secretary to the Government of the Federation, Boss Mustapha stated this at the17th General Assembly and 10th Anniversary of the West African Administrations Forum (WATAF), in Abuja.

He said all the needed support has been given to the FIRS to carry out their activities.

The SGF said the FIRS must put in place effective collection measures to effectively generate revenue, without which the agency may not do much, even if there were legislation and sound out policies.

“Digital transactions must be taxed digitally and the goal of our efforts must be to achieve seamless digital collection and remittance of tax revenue that accrues from the digital economy.

According to him, the growing advent of internet should be seen as an advantage which should also be obvious to FIRS as a development in e-commerce.

“Many platforms that started as social media platforms have transited into big businesses generating significant income as it has since become commonplace for entities to consummate business relations remotely, without a physical presence in the countries where goods and services are exchanged.

“Suffice it to say that while this presents great economic and business opportunities, on the one hand, it also presents a challenge as governments must find our way round what is still very much an emerging area of tax administration.”

Meanwhile, the Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed revealed that Nigeria was yet to sign the proposal by the Organisation for Economic Co-operation and Development (OECD) on how to address the global challenge of e-commerce taxation, because it was not equitable.

She however, said, the country has been participating in the global discourse in tax matters with regards to tax rights.

“In this regard, we have continued to contribute our quota in different fora, most importantly at the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, otherwise known as the Inclusive Framework (IF).

“Let me highlight that the basis of our involvement in that process was the understanding that a coordinated, universal solution to the tax challenges of the digitalised economy was necessary and that the solution would be fair and acceptable for all members.

“We had hoped that all jurisdictions would be participating in the project on equal footing and that the agreed solution would benefit all while preserving jurisdictions’ existing taxing rights which are not aimed at digital businesses, and that the project would provide universally acceptable rules, by consensus.

Read Also:  Senate commends Buhari for assenting CAMA bill, says it guarantees corporate accountability

Trending

Contact Us:

  • Address: Address: 1st Floor,  Nwakpabi Plaza,  Suite 110, Waziri Ibrahim Crescent, Apo,  Abuja
  • Tel: +234 7036084449, +234 8066722600, +234 7012711701
  • Email: info@capitalpost.ng

Quick Links: