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Misfiring Report Accuses Tech Coys of Tax Evasion

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Mr Apollos Ikpobe, Deputy Managing Director, Domestic Bank, UBA Plc; Ms. Ijeoma Aso, MD/CEO, UBA Foundation (UBAF); Mr. Ogunkola Olanrewaju , Principal, The African Church Model College, Ifako-Ijaiye, Lagos; and  students of the school,  when UBAF presented Literature books to students under its ‘Read Africa Initiative’
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A new report tagged “Masters of Tax Evasion” has chronicled the way in which huge companies around the world have avoided paying equal share of taxes over the years and in simple terms concluded that the poor pay for the powerful, Nigeria CommunicationsWeek has learnt.

The report was however guilty of generalizing and not taking into account the harsh operating environment in Nigeria replete with multiple taxation.

“Masters of Tax Evasion” went on to raise red-flags in the hope that tax authorities worldwide would latch on them to compel the big corporations to pay fair taxes.

Around the world, corporate tax evasion unfairly shifts the burden of taxation onto small businesses and individuals, and limits governments’ revenue to spend on necessities and development.

But the new infographic from MastersDegreeOnline.org showed that most profitable companies, especially in the tech industry, are paying less in taxes than everyone else. 

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Molly Brooks, part of a team of designers and researchers that designed infographic in an email to Nigeria CommunicationsWeek said the report focused on how much less big companies pay.

The report discussed many multinational corporations but was particular about Google, Apple and Amazon which it claimed pay on the average one third less that other companies.

According to the report, this allows the companies make more money.

The infographic did not offer much insight into how these companies are getting away with tax evasion fundamentally flawing its own argument.

The report also failed to provide thorough explanation but merely pointed that the technology industry generally owes less in taxes than other companies anyway. 

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Nigeria CommunicationsWeek raised a few rhetorical questions asking; would paying more taxes hinder these companies’ profitability?  And who is in a better stead to determine fair taxes?

Tax evasion in practice works as either transfer pricing or transfer mispricing. In the first, which is legal, occur when a multinational corporation sets up subsidiary companies in countries that have very low tax rates, called tax havens.

These subsidiary companies charge fees for intangible services such as brand use, procurement, insurance, management, and trademarks.

The overhead costs of such a subsidiary are minimal and the profit, which comes directly out of the annual income of the parent company, is subject only to the tax rates of the tax haven.

Transfer mispricing, which is illegal, occurs when subsidiaries of a parent company sell goods to each other at artificially inflated or deflated prices.

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Again, parent companies can manipulate the location of their profits in order to minimize taxes

Nigeria CommunicationsWeek gathered that the report did not take into account local environment which is unfriendly to businesses.

According to the World Bank’s Doing Business 2011 report, Nigeria ranks 137 out of 183 countries surveyed on the ease of doing business and 134 on the ease of paying taxes.

In the 2010 report, Nigeria ranked 134 and 131 on the ease of doing business and paying taxes respectively.

Multiplicity of taxes  which is paying similar taxes on the same or substantially similar tax base, for instance; Companies Income Tax, Information Technology Tax (NITDA Levy), Education Tax, Nigerian Content Development Levy all of which are based on income or profits and Value Added Tax, Sales Tax and Hotel Consumption Tax all based on sales.

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Atte, Nigerian Develops AI Algorithm for Hair Transplants

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Atte Ayodeji, a Nigerian computer scientist,has developed an artificial intelligence algorithm capable of detecting, counting, grouping and generating healthy hair follicles during hair transplant procedures, an innovation that earned him the Best Innovative Technology award.

Atte, Nigerian Develops AI Algorithm for Hair Transplants

Atte Ayodeji

Ayodeji also graduated with a Distinction in his Master of Science (MSc) in Computer Science from Birmingham City University on Friday, adding another milestone to an impressive academic year.

Beyond his award-winning hair transplant innovation, the Nigerian researcher developed a system and framework on Explainable Artificial Intelligence (XAI) as a professional responsibility in the diagnosis of lung cancer.

His dissertation received a silver award at the PGXPO2026 Winter, further highlighting the impact of his research in applying artificial intelligence to healthcare.

Sunday Dare, special adviser on Media and Public Communication to President Tinubu,  celebrated Ayodeji’s achievements in a post on X, recalling how he first met him in 2019 during his National Youth Service.

“In 2019 when I became a Minister of the Republic, I met a young man of medium height, genteel with penetrating eyes: Atte Ayodeji. His words rarely come out and he could easily be passed by unnoticed. But I noticed him especially when my SA Kemi Areola brought him to me asking my approval for him to do his Youth Service in my office. I approved. From then on he was unstoppable. His brilliance shown and he developed skills beyond his frame.”

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Highlighting Ayodeji’s recent accomplishments, Dare congratulated him saying, “Congratulations Atte. I am proud of you!”

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FG to Abolish Subsidies in Power Sector in 2027 – Minister

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Mr. Joseph Tegbe, minister of Power, has said that the federal government plans to end power sector subsidies from 2027 and that there are no immediate plans for tariff increases.

FG to Abolish Subsidies in Power Sector in 2027 – Minister

Mr. Joseph Tegbe, minister of Power

The minister told journalists during the media interactive session at the weekend that the government has announced plans to phase out electricity subsidy payments from 2027 as part of efforts to address mounting liabilities in the power sector.

He explained that the planned removal forms part of the broader reforms aimed at ensuring the long-term sustainability of the electricity sector, while tackling the financial challenges confronting the industry.

According to the minister, despite the planned subsidy withdrawal, there are no immediate plans to increase electricity tariffs, reassuring consumers that the government is not considering a tariff hike in the short term.


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AfCFTA Urges Africa to Stop Exporting Raw Materials

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Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.

She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.

According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.

“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.

Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.

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“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.

She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.

Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.

“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.

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