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Topic: Significant Economic Presence – Impact on Companies in the Consumer Market and Financial Services Sectors
andersentax.ng/significant-ec…
#consumermarkets #FinancialServices
Topic: Significant Economic Presence – Impact on Companies in the Consumer Market and Financial Services Sectors
andersentax.ng/significant-ec…
#consumermarkets #FinancialServices
1.Prior to the enactment of the Finance Act, 2019 (FA), Section 13 of the Companies Income Tax Act (CITA) as amended, provided the basis for the taxation of the profits of non-resident companies (NRC) in Nigeria.
2.The provisions of the section required a non-resident company to have an identifiable physical presence (“fixed base” or “permanent establishment”) in Nigeria, before the NRC can be deemed to be carrying on a business in Nigeria, for the purpose of taxing its profits.
