BREAKING: Nigeria Set To Charge 5% On Every Online Purchase With #Bank Cards From 2020

Nigeria is preparing to deduct 5% VAT for every online purchase via bank cards starting from next year.

Chairman of Federal Inland Revenue Service (FIRS), Tunde Fowler, confirmed this in an exclusive interview with a media company in the country.

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.