FG To Tax Facebook, Twitter Netflix, Other Service Providers

The Federal Government of Nigeria plans to tax foreign digital service providers offering services to Nigerians and earning revenue in naira.

These service providers include Mack Zuckerberg’s Facebook, Twitter, Alibaba, Amazon,Netflix and others.

These service providers which includes streaming platforms and social media platforms, are expected to pay digital tax to the Federal Inland Revenue Service.

Nigeria’s Minister of Finance, Zainab Ahmed, issued the Companies Income Tax (Significant Economic Presence) Order, 2020. This is an amendment of the Finance Act 2019.

The order is aimed at imposing tax on any foreign organization with respect to certain services or digital transactions if it had a Significant Economic Presence in Nigeria. Follow us on Instagram @sofovilla | Follow us on Twitter @sofovilla | Like our page on Facebook via @sofovillamedia