Nigeria is preparing to deduct 5% VAT for every online purchase via bank cards starting from next year.
Advertisement. Scroll to continue reading.
Chairman of Federal Inland Revenue Service (FIRS), Tunde Fowler, confirmed this in an exclusive interview with a media company in the country.
ADVERTISEMENT
Fowler declared 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,”he said.
The FIRS chairman said the tax agency will make use of Nigerian banks as an instrument in achieving the 5% value-added tax.
