Economic competitiveness: What you need to know about Nigeria’s new tax laws
Section 57 of the NTA, which domesticates the OECD/G20 agreement, is a defensive measure to protect Nigeria’s sovereign tax base, not an attack on capital. If Nigeria continues to offer effective tax rates below 15% to multinationals, their home countries (e.g., the UK, France, Germany, or South Africa) will collect the difference as a Top-Up Tax. By collecting this tax domestically, Nigeria retains revenue that would otherwise be ceded to foreign treasuries without increasing the global tax burden on the investor.
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