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Reading: Google begins implementation of 7.5% tax for Nigeria April 1
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Breaking News Nigeria, Latest Nigerian News > Tech > Apps > Google begins implementation of 7.5% tax for Nigeria April 1
AppsTech

Google begins implementation of 7.5% tax for Nigeria April 1

Enyi Ominyi
Enyi Ominyi March 1, 2022
Updated 2022/03/01 at 10:16 AM
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Google VAT implementation is in compliance with new Nigeria law

In line with Nigeria’s latest tax policy on digital services, search giant, Google will start charging a 7.5% Value Added Tax, VAT on all Nigerian business accounts for all taxable goods and services, starting April 1, 2022.

“Due to new legislation in Nigeria, starting April 1, 2022, Google will be required to charge 7.5% VAT on all taxable goods and services. No action is required on your side with regard to your Google business account,” Google said on Tuesday in email communication to all its customers in Nigeria.

This was an offshoot of the Nigerian government’s latest efforts to generate revenue from foreign companies offering digital services in Nigeria, through a new policy contained in Section 30 of the Finance Act which amended the provisions of Section 10, 31 and 14 on VAT obligations for non-resident digital companies.

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Nigeria’s Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, had disclosed in a public presentation and breakdown of the 2022 budget in January, that the tax on digital services, includes apps, high-frequency trading, electronic data storage and online advertising.

She had said that the new policy will be used is to restrict VAT obligations mainly to digital non-resident companies who supply individuals in Nigeria who cannot themselves self-account for VAT.

“So if you visit Amazon, we are expecting Amazon to add VAT charge to whatever transaction you are paying for. I am using Amazon as an example. We are going to be working with Amazon to be registered as a tax agent for the FIRS.

“So Amazon will now collect this payment and remit to FIRS and this is in line with global best practices, we have been missing out on this stream of revenue,” Ahmed said.

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She had however noted that in line with Section 4 of the Finance Act, the non-resident companies were expected to pay tax at six per cent on their turnover.

The minister who stated that the government was desirous of modernising taxes for its digital economy and to improve compliance, noted that digital non-resident companies do not need to be registered locally but would have an arrangement with the Federal Inland Revenue Services(FIRS) to collect and remit taxes in a bid to reduce the compliance burden.

TAGGED: digital tax nigeria, Google, vat
Enyi Ominyi March 1, 2022
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