What do you believe is the single most important factor driving up the cost of living in Nigeria?

The figure includes Company Income Tax and Value Added Tax, collated from data obtained from the National Bureau of Statistics.

According to the Federal Inland Revenue Service, CIT is a 30 per cent tax imposed on companies’ profit, and VAT is a 7.5 per cent consumption tax paid when goods are purchased, and services are rendered and borne by the final consumer.

In 2020, the Federal Government had indicated plans to begin tax collection from foreign digital service providers offering services and earning revenue in naira due to its high acceptance by the Nigerian populace.

Some of these service providers, which are video streaming sites, social media platforms, and companies that offer downloads of digital content, are expected to pay digital tax to the Federal Inland Revenue Service.

Netflix, Facebook, Twitter, among others, which have been operating without a physical office in Nigeria, offer digital video and advertising services to Nigerians.

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