Nigeria: Federal Government Plans Imposition Of Taxation On Foreign Entities.

Nigerian Minister of Finance, had issued both private and public owned companies the income tax order; an amendment of the Finance Act 2019. This order was aimed at foreign business owners whose imminent presence have a strong influence on the country's economy. According to the Act, a foreign business or company providing such as training, advertising,  supplying of personnel, management or consultancy services shall have a significant economic presence (SEP) in Nigeria if it earns any income or any payment from a person resident in Nigeria or a fixed based or agent of a foreign entity in Nigeria. The affected business owners includes Facebook, Netflix, Twitter, Alibaba and Amazon. Not excluding the companies with the leverage of 25m or equivalent in other currencies also those using the country's website address or Nigerian domain name (.ng).

          (Hennessyblog reports)...