French envoy predicts economic recovery, growth for Nigeria

FIRS tasks non-residents on tax returns assures transparency

Deputy Regional Economic Counsellor, West Africa, French Embassy, William Levasseur, has expressed optimism 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 disclosed this yesterday at a webinar organised by Franco-Nigeria Chamber of Commerce and Industry, in partnership with AELEX, on the ‘Finance Act 2020: Implications For Businesses’.

According to the envoy, the Finance Act is critical, involving changes for several sectors and contributing to economic stability.

MEANWHILE, 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.

“We expect that, when fully implemented, these changes will, hopefully, return the country to the path of recovery. As such, tax-payers are advised to carefully evaluate the changes in the act and impact on their businesses,” he said.

For Managing Partner, AELEX, Theophilus Emuwa, digital taxation with the use of Artificial Intelligence (AI) is important for a population of over 200 million persons.

He urged taxpayers to file their returns, stating that the government needed to generate revenue to make the country better.

Partner and Head, Deal Advisory, KPMG, Ajibola Olomola, said the 2020 Finance Act was poised to put Nigeria at par with the rest of the world in filing tax returns.

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.