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Nigeria hails Google, Microsoft, TikTok, X for N2.55 trillion tax contributions in H1 2024

Nigeria hails Google, Microsoft, TikTok, X for N2.55 trillion tax contributions in H1 2024

December 5, 2024
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Nigeria hails Google, Microsoft, TikTok, X for N2.55 trillion tax contributions in H1 2024

Oluwatosin Adeyemi by Oluwatosin Adeyemi
December 5, 2024
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Nigeria hails Google, Microsoft, TikTok, X for N2.55 trillion tax contributions in H1 2024

Nigeria hails Google, Microsoft, TikTok, X for N2.55 trillion tax contributions in H1 2024

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Google, Microsoft, TikTok, X and other international digital businesses that operate in Nigeria paid a total of N2.55 trillion ($1.5 billion) in taxes during the first half of this year.

This was disclosed in a statement signed by Hadiza Umar, Director of Corporate Communications & Media Relations of National Information Technology Development Agency (NITDA) on Tuesday and, jointly released with the Nigerian Communications Commission (NCC), National Broadcasting Commission (NBC).

The statement is based on the information from the National Bureau of Statistics (NBS) and the Federal Inland Revenue Service (FIRS).

According to NITDA, government revenue has increased due to payment of taxes by these tech companies.

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Read also: Google, Microsoft, X, TikTok remove 65 million content posts, deactivate 12 million accounts in Nigeria: NITDA

NITDA applaud the tech companies 

For their adherence to the Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries, Google, Microsoft, X, and TikTok received praise from the development agency.

The Code provided explicit recommendations for regulating dangerous content and promoting online safety.

“Data from the Federal Inland Revenue Service (FIRS) and the National Bureau of Statistics (NBS) reveal that foreign digital companies, including interactive computer service platforms and internet intermediaries (such as social media platforms) operating in Nigeria, contributed over N2.55 trillion (approximately $1.5 billion) in taxes in H1 2024.”

“This significant increase in revenue underscores the role of robust regulatory frameworks in shaping compliance and driving revenue growth in the digital economy,” NITDA stated.

NITDA acknowledged the improvement but called for more cooperation between tech companies and authorities to tackle new digital issues, especially in the areas of user safety, transparency, and content moderation.

Tags: GoogleMicrosoftNITDATikTokX
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

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