Featured

Experts call for appropriate e-commerce taxation in Nigeria, others

By Giwa SHILE

Tax experts have called on governments to issue appropriate taxation regulations and tax rates specially tailored to suit e-commerce businesses in their countries.

This is the consensus reached during a panel discussion on Wednesday in Bali, Indonesia, titled “Fair and Transparent Taxation in a Digital Age”.

The experts agreed that technology and the increased role that intellectual property plays in the global economy was affecting approaches to taxation.

Principal Chief Commissioner of Income Tax, Mr Akhilesh Ranjan, , India said that his country had introduced the Equalisation Levy to ensure that e-commerce pay their fair share of tax.

He said that due to the nature of e-commerce, the country focused on e-advertising on foreign-based digital services, like Facebook which could easily be monitored.

“We collect 6 per cent levy on advertising services by an Indian company on any website.

“The company is expected to make the deductions before paying to the website.

“Since 2016 when we started, it has been very easy tax for us to collect. Many people don’t agree with it, but they still pay,” he said.

Also, the Executive Director, Tax Justice Network, Africa, Mr Alvin Mosioma, , said that many tax bodies lacked the capacity to duly tax internet-based businesses because they refused to advance with digitalisation.

He warned that inadequate taxation in the digital space, could increase the level of Illicit Financial Flows by Multinational Corporations especially in Africa.

He said that more international cooperation was needed to tackle the increasing issues of tax evasion, as the world transforms into a digital economy.

Also, theHead, Fiscal Policy Agency, Ministry of Finance, Indonesia, Mr Suahasil Nazara, said that governments should create a fair tax system for e-commerce, if not businesses would close shop and move online.

 

Related posts

US Dollar Share of Global Forex Reserves Drops to 25-Year Low

Our Reporter

Oil edges up amid OPEC cuts, U.S. sanctions against Venezuela, Iran

Editor

N1bn constituency projects for Lagos East in 2022 budget delight Sen. Abiru

Our Reporter

Hard times hit postal services, funding shrinks, office buildings lie in ruins

IFE OGUNFUWA

NDLEA arrests 131 suspects, seizes 263 kg illicit drugs in 12 months

Editor

LASPOTECH workers suspend 6-month-old strike

By Abisola THOMPSON