Nigerian businesses at risk of double taxation
Diverse reports including infodig.com.ng tell that Nigerian businesses are at risk of double taxation as state and federal governments clash over the right to collect value-added tax in Africa’s biggest economy, adding to uncertainty in a tough financial climate. information guide nigeria
As of 10th of September 2021, Lagos governor Babajide Sanwo-Olu signed a law that allows Nigeria’s richest state, rather than the federal government, to collect VAT generated there.
According to the information from infodig.com.ng, the state, which is largely made up of the city of Lagos, accounts for roughly a third of Nigeria’s gross domestic product and is home to nearly every major Nigerian company and bank as well as most multinationals and the bulk of the country’s rich.
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Some Nigerian state officials have long complained it pays out far more in taxes to the central government than it receives. jamb result
In a state where a similar law has been passed like Rivers State, which is actually the centre of the country’s oil industry, is the subject of the appeal and has been put on hold. The Lagos state government has argued that this stay of execution does not apply to its law.
However, infodig.com.ng made it clear that in a sign of the confusion for business, Rivers governor Nyesom Wike has threatened to shut down companies that don’t pay VAT locally while the federal government has requested that companies continue to pay the tax to it as usual.
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