• Countries to gain $500bn more tax a year
•Again, Trump may veto move
Ndubuisi Francis in Abuja
Nigeria may harvest an additional $2.5 billion annually in corporate tax from multinationals as the United Nations (UN) tax convention plans to scrap and replace a century-old approach which is expected to unleash new economic era without increasing taxes.
This was contained in a new report by Tax Justice Network that countries, including Nigeria, could capture an extra $500 billion a year without raising corporate tax rates following the UN’s move to dump the 100-year-old approach of “Pay-where-you-say” set up by the defunct League of Nations, requiring governments to tax multinational corporations’ profits based on where they declare them.
