• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Tuesday, August 5, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Nigeria exits global tax of OEDC

Tax

The Matters Press by The Matters Press
April 20, 2022
Reading Time: 2 mins read
0
2020 Finance Bill prescribes tax incentives

[ File # csp5324016, License # 2715984 ] Licensed through http://www.canstockphoto.com in accordance with the End User License Agreement (http://www.canstockphoto.com/legal.php) (c) Can Stock Photo Inc. / gunnar3000

Nigeria has opted out of a global tax deal negotiated under the Organisation of Economic Cooperation and Development (OEDC)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS).

RELATED POSTS

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

BEPS refers to corporate tax planning strategies used by multinationals to shift profits from higher tax jurisdictions to lower tax jurisdictions or no-tax locations where there is little or no economic activity, thus eroding the tax-base of the higher-tax jurisdictions using deductible payments such as interest or royalties.

Kenya, Pakistan and Sri Lanka also opted out alongside Nigeria.

Nigeria’s position was predicated, among others, on the unreliability of the economic impact of the deal for developing countries.

The OECD estimates that countries lose $100-$240 billion worth of revenue annually to BEPS practices, which is the equivalent to 4-10 per cent of the global corporate income tax revenue.

The deal set out to introduce a global minimum tax rate and new profit reallocation rules, which aims to give countries a fairer chance to collect tax revenues from multinational enterprises (MNEs) operating in or generating revenues from their jurisdictions.

In a new report titled, “OECD Global Tax Deal: Key Elements, Opportunities and Challenges,” Global Financial Integrity (GFI) stated that the framework represents a group of countries and jurisdictions working together to address systemic issues within the global taxation system that cause an inequitable distribution of tax revenues among countries and jurisdictions.

It operates under the leadership of the OECD, but any country or jurisdiction is allowed to join and participate.

The global tax deal represents a major reform to the rules governing the international tax system, aimed at bringing an end to tax havens and profit-shifting by multinational enterprises The deal specifically aims to address challenges that arise from the digitalisation of the economy, and is broken down into two pillars.

More=ThisDay=

Tags: Tax
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Nigerian firms to handle $4b gas project
Economy/Technology

ADC’s claim on refinery sale, horrendous half truth

July 23, 2025
Next Post
Cryptocurrency scares Kenya

IMF warns against spike in cryptocurrency in Nigeria

WTO postpones conference due to pandemic travel restrictions

WTO readies for 8th global review

Recommended Stories

Blackout hits Nigeria as grid collapses again

Collapsed national grid restored after partial blackout

February 5, 2024
Nigeria in deal with firm to facilitate funding for houses

FMBN disburses N30.3bn for construction of over 4,000 houses

November 15, 2022
Firms bid for Ajaokuta steel

Russia’s technical team to audit abandoned multi-billion dollars Ajaokuta steel

October 15, 2020

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month
  • Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us