The federal government yesterday gave reasons why it withheld its endorsement to the Organisation for Economic Cooperation and Development’s proposed solution to issues affecting the digital economy.
Ahmed who disclosed government’s stance, said many developing countries, including Nigeria, may experience negative or reduced revenue collection from the implementation of the outcome of the digital economy project as propounded by the OECD. “Even where the non-resident company meets the revenue and profitability threshold, there is still the requirement of operating in and meeting a local sales threshold of €1 million in the market jurisdiction, except for jurisdictions with a Gross Domestic Product of $40 million and below that have the in-scope revenue threshold fixed at €250,000.”
She pointed out: “The implication of this is that it restricts the number of non-resident companies engaged in digitalised businesses that may pay tax in our jurisdictions to only the 100 that are in-scope of the threshold, to the exclusion of all others, regardless of the actual number.
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