FG 5% VAT Online Transactions Charges

Federal Inland Revenue Service (FIRS) to charge Nigerians 5% VAT from online transactions from 2020. 


Tunde Fowler, Chairman of Federal Inland Revenue Service (FIRS), confirmed this in an exclusive interview with Premium Times Newspaper.

Fowler said the country is currently working on a solution for taxing the digital economy.

“We will address the issue of the digitalised economy very soon. There is no global solution to a digitalised economy.
Different countries have taken different solutions to address the problem. Nigeria has not taken a position yet. But, we are meeting to see if we can come up with a global solution that we can all adapt to."

Am not against online taxation, but 5% VAT is too much, they should reduce it for a start but with time if they see that the economy is stable they can step up the charges and no one will feel the changes.
One thing i hate about Nigeria plans are, they don't seem to solve some standing issues before taking actions on changes.

If you check the current condition in the country you will notice that businesses are not booming because the economy us not okay so for the betterment of this country economic climate this should be reconsidered before been activated.

Signed ⚚
Sylvester E. Ikpi

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