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The deputy Regional Economic Counsellor, for the West African region, French Embassy, William Levasseur, has expressed optimism and positivity that with the price of oil rising globally, Nigeria will recover economically, creating opportunities for starters as well as Small and Medium-scale Enterprises (SMEs).
Levasseur made this disclosure yesterday at a webinar organized by Franco-Nigeria Chamber of Commerce and Industry, in partnership with AELEX, on the theme ‘Finance Act 2020: Implications For Businesses’.
Speaking further, the french envoy stated that the Finance Act is critical, involving changes for several sectors and contributing to economic stability.
In a related development, the Federal Inland Revenue Service (FIRS) has appealed to non-residents to file their tax returns, as it has gone into partnership with sister agencies to ensure transparency in the process.
Tax Officer, Non-Resident Persons, FIRS, Abdullahi Aliyu, said the taxation of non-residents in Nigeria was similar to other parts of the world, where source jurisdictions try to get their fair share of taxes from non-residents’ earnings in their jurisdictions.
Aliyu said the Finance Act amendment brought more clarity in VAT registration and granted the FIRS power to deploy technology in gathering information and tax collection, which further indicated that the government was poised to collect as much tax as possible from non-residents.
He said the digital economy, in particular, would curb tax evasion and aggressive avoidance by both resident and non-resident tax-payers.
The country is best to be in harmony with the world, he added, while urging tax-payers to seek professional advice from consultants and lawyers on tax matters.
AFRICA DAILY NEWS, NEW YORK