Laolu Akande Archives | Nairametrics

PEBEC, Twitter deactivate Yemi Osinbajo's Twitter account, How Nigeria's LPG sector can create 2 million jobs -Osinbajo, budget support, NEC okays $250 million investment in NSIA , MSMEClinic gets 200,000 capacity yam storage facility in Benue, Accusations of Yemi Osinbajo receiving N4 Billion from recovered loots are baseless- Presidency, FG rolls out N2.3 trillion survival funds for MSMEs; see criteria , Presidential Enabling Business Environment Council (PEBEC) reforms to boost investments – Osinbajo

PEBEC reforms to boost foreign direct investments – Osinbajo

Nigeria’s business reforms have received applause from the World Bank, and the country’s ease of doing business improved

Economy & Politics4 weeks ago

Presidency dismisses allegation of Osinbajo receiving N4 billion from recovered loots

The accusation was described to be an obvious campaign of lies and calumny.

Nigeria At 59: Donald Trump writes President Buhari

Economy & Politics10 months ago

Nigeria At 59: Donald Trump writes President Buhari

President @realDonaldTrump of the United States of America has congratulated Nigeria on her 59th Independence Anniversary.

FG foreign reserves Nigeria Yemi-Osinbajo, FG negotiates with Governors on bail-out fund, as NEC approves 100 billion for NLTP, bail-out fund States Governors, FG earns N28.6 trillion from VAT, others , Ease of doing Business: States must partner with Federal Government – Osinbajo , AfCFTA: Nigeria’s financial footprints to be extended across Africa – Osinbajo , FG seeks partnership with National Council of Registered Insurance Brokers, here’s why , Osinbajo says FG’s investment to take advantage of Africa’s $200bn tourism potential is massive, Pres. Buhari’s plan to tax US tech companies might provoke US trade war https://www.yemiosinbajo.ng/vps-lecture-at-the-national-defence-college-course-28-lecture-event/ https://punchng.com/digital-firms-to-pay-tax-under-new-finance-act-osinbajo-2/ https://www.nytimes.com/2020/01/31/business/economy/digital-tax-oecd.html Nigeria at risk of trade war with United States as the Nigerian Government says it will impose taxes on technology companies like Facebook, Google, and other digital companies that have been escaping tax payment in Nigeria due to their lack of presence within the country. The US has threatened tariffs on imports from countries that impose such digital taxes. The tech companies with heavy revenue footprint in Nigeria now have their backs against the wall because President Muhammadu Buhari-led administration want to tax them to grow Nigeria’s revenue; which has led to the development of the Finance Act. The Finance Act is the solution of President Buhari to the revenue problem which the Finance Minister, Ahmad Zainab, said Nigeria has. The Nigerian government is looking to grow its revenue through taxes, and one of such is the digital tax which Vice President, Yemi Osinbajo, said will commence despite the threat of the US which is aimed at protecting the silicon companies. No more back door operation: Facebook, Google, Amazon, YouTube and many more digital businesses have a sizeable market in Nigeria, but don’t have a physical structure for their operations; this has cost Nigeria tax revenue. These companies are known to prefer situating their companies in tax havens where taxes are low compared to other African and European countries. Ireland and Bermuda are some of the tax havens for these multinational companies. But according to Osinbajo, the period of making gains from their operation in Nigeria without paying tax is over. Osinbajo, while speaking at The National Defence College, Course 28 Lecture Event, said that, “Let me also briefly mention the new provisions on Taxation of Digital Economy and Non-Resident Companies. This is a very important aspect of our taxation policy. Before the Finance Act, only companies that had a physical presence or a fixed base in Nigeria could be taxed. “So, most digital companies, I mean any of the big technology companies, or multi-national digital companies, that did not have physical offices in Nigeria, made significant income from Nigeria from online activities, such as advertising, movie streaming, online gaming and e-commerce from subscribers in Nigeria, but paid no taxes whatsoever because they did not have a physical base in Nigeria. So now we are no longer relying on the fixed base or physical address criterion.” He added that, “Under the Finance Act, once you have a Significant Economic Presence (SEP) in Nigeria, you are liable to tax. Whether you are a resident here or you are not resident as a company, as long as your economic presence is significant, you are liable to tax. If you are streaming online, advertising using Google adverts, whether you are resident here or not, you are now subject to tax. “So, non-residents who previously had no fixed base and no Nigerian tax liability will now be liable to tax based on the SEP criterion. The Minister of Finance is empowered to issue a regulation defining what Significant Economic Presence means. So, she just defines the scope of what we will be looking out for in terms of Significant Economic Presence.” Osinbajo explained. Nigeria is not alone in this crusade: Nigeria is not the only country trying to tax these technology companies. The European Union have also been coming after them for taxes. The EU is also stating that if the technology companies are making economic gains through their operation despite the lack of physical presence in several European countries, then the tech conglomerates should be taxed. This has led to review of tax laws by the EU. According to a report by New York Times, new rules to tax these multinational companies are being discussed by about 130 countries through the Organization for Economic Cooperation and Development. The review has become necessary as digital economy begins to open new revenue sources. Should Nigeria tread carefully? The United States has threated to hit any country imposing taxes on the technology companies - which are mostly American – with tariffs on import. This put Nigeria at a rather impossible position, as the country is not economically strong enough to enter a trade war or go on a tit for tat battle with the US. According to Q3 report, the US is the fifth biggest export destination for Nigeria, having imported N322.2 billion (6.28%) goods from Nigeria, with crude oil constituting N329.8 billion. Although, the US is behind Ghana, India, Netherlands and Spain, it doesn’t change the significance of the US market to the Nigerian economy. Meanwhile, Nigeria’s top import sources include the U.S, accounting for N747 billion in H1 2019. Franch had moved to tax the online businesses but have now delayed the plan this year after a meeting with the US; the US has also paused its tariff threat against France. Britain is also one of the digital tax drivers. With such threat hanging over the digital tax, it’s unlikely Nigeria will go ahead taxing these technology companies, as US feels such tax is discriminatory against US firms, and have suggested these companies be allowed to decide if they want to operate with the new tax standards., FG will provide succor for daily wage earners as lockdown continues – Osinbajo

Business News11 months ago

Bail-out Fund: FG negotiates with States Governors as NEC approves 100 billion for NLTP

The Federal Government has negotiated with States Governors on the initially planned bulk deductions of bail-out funds.

₦5trn AMCON Debt: FG plans to go after debtors, ₦5trn AMCON Debt: FG sets up committee to recover debt

Business News11 months ago

₦5trn AMCON Debt: FG sets up committee to recover debt

The Federal Government has set up an inter-agency committee for the purpose of recovering the N5 trillion debt owed AMCON.

Vice President Yemi Osinbajo survives crash landing

Economy & Politics2 years ago

Vice President Yemi Osinbajo survives crash landing

Vice President Yemi Osinbajo, this afternoon survived a helicopter crash landing in Kabba, Kogi State. The VP, according to a statement issued by his office, was...

3 years ago

FG says 38 investors have indicated interest in modular refineries

The Federal Government has announced that 38 mini-modular refineries investors have indicated interests in the establishment of modular refineries in the Niger Delta as part of...

Business News3 years ago

Here’s a comprehensive report on the National Economic Council meeting held 23-11-2017

According to the Senior Special Assistant on Media and Publicity to the President (Office of the Vice President) Laolu Akande, the meeting of the National Economic...

Yemi Osinbajo, Enterprise Bank, Entrepreneurship, Tradermoni, SMEs

Business News3 years ago

Kachikwu left stranded as Presidency denies $25 billion NNPC contract allegation

In a press release posted on its Facebook page, the Presidency today denied rumours of an alleged $25 billion missing from the coffers of the Nigerian...

Business News3 years ago

FG launches One-Stop-Shop for Nigerian MSMEs

In an effort by the Buhari administration to bridge the gap between Micro, Small and Medium Enterprise (MSMEs) and relevant Federal Government regulatory agencies, like National...

Nairametrics

All posts tagged "Laolu Akande"

PEBEC reforms to boost foreign direct investments – Osinbajo

Presidency dismisses allegation of Osinbajo receiving N4 billion from recovered loots

Nigeria At 59: Donald Trump writes President Buhari

Bail-out Fund: FG negotiates with States Governors as NEC approves 100 billion for NLTP

₦5trn AMCON Debt: FG sets up committee to recover debt

Vice President Yemi Osinbajo survives crash landing

FG says 38 investors have indicated interest in modular refineries

Here’s a comprehensive report on the National Economic Council meeting held 23-11-2017

Kachikwu left stranded as Presidency denies $25 billion NNPC contract allegation

FG launches One-Stop-Shop for Nigerian MSMEs

GTBANK, GUINNESS, OKOMUOIL trigger bulls, as ASI gains 0.19%

Just in: Fuel scarcity looms as NUPENG directs Tanker drivers to withdraw services in Lagos

President Buhari signs amended Companies Allied Matters bill

NNPC signs agreement with CNOOC, SAPETRO to end OML 130 disputes

Daily Parallel Market exchange rate – ₦486/$1

List of Dividends announced so far in 2020 (August)

COVID-19 Update in Nigeria

Daily Parallel Market exchange rate – ₦486/$1

Nigeria’s top 10 agricultural exports hit N289.3 billion, as Sesamum seeds, Cocoa top list

Bitcoin whale transfers 92,857 BTC worth $1.1 billion

This is perhaps the best hiring ad in the world!

The Exact Amount States Will Save If They Cut Cost Like Peter Obi (See Math)

Watch: Ugodre on CNBC Africa Discussing The Proposed FG Asset Sale

Here Is What Happened When Money Stopped Flowing Into MMM South Africa

This video of Venezuelans is enough to scare Nigerians and its neighbours