E-Business
CITN Helping FG Work on Tax Document for Tech Companies
Chartered Institute of Taxation of Nigeria (CITN) is working on a policy and strategy document for the taxation of global tech companies in Nigeria.
This is coming as 130 countries recently agreed on a minimum 15 per cent global tax rate on large multinational enterprises.
The pressure to tax global tech companies in Nigeria is coming on the heel of the suspension of the operations of Twitter, social platform.
Elsewhere, Adesina Adedayo, president, Chartered Institute of Taxation of Nigeria, said the institute is working on a strategy document for taxation of global tech companies, among other taxes.
Adedayo spoke during a courtesy visit by a delegation from the institute to the Vice President of Nigeria, Prof. Yemi Osinbajo, in Abuja.
The CITN president gave the Vice-President the communiqué the institute came up with during its 23rd annual tax conference in Kaduna.
While presenting the document, Adedayo said, “Arising from deliberations and a charge from his excellency, the Governor of Kaduna State, Mallam Nasir El-Rufai, CITN is working on a strategy document which would be concluded shortly towards addressing these salient issues: ways and means of taxation of the informal sector; taxation of agriculture at the farm gates; scale-up capturing tax identification records; and how to tax global technology companies.”
He urged the Federal Government to address its low revenue through improved tax collection method.
He said the Nigeria Economic Sustainability Plan as well as the measures implemented was a right response to the challenges posed by COVID-19 pandemic and was largely instrumental to creating buffers for the government at all levels in withstanding the pressures and waves created during the peak period and the aftermath of COVID-19.
Adedayo said, “However, it must be appreciated that our revenue levels are still quite low to create the necessary funds to undertake meaningful development.
“Therefore, it is important that we sustain measures already being implemented to improve tax collection at all levels.”
He said the institute had earlier on in the course of this administration presented the CITN Charter of Tax demands to the Federal Government.
The document provided some cogent recommendations by the CITN for a better tax system in particular and for national economic development.
He said some of the recommendations were already being implemented.
He said some areas that had not received considerable attention for consideration to included “creation of the office of adviser on taxation; national honours for deserving taxmen and taxpayers; address the multiple revenue collection agencies; and resolving the challenge of multiple taxation and tendency to introduce earmarked taxes.”
Others were the review of the incentives regime and abuse of tax waivers; and greater involvement of the institute as a think-thank on fiscal policy initiatives.
Meanwhile, Organisation for Economic Co-operation and Development (OECD) said 130 countries have agreed on a minimum 15 percent global tax rate on large multinational enterprises (MNEs).
MNEs are companies with a global turnover above 20 billion euros and profitability above 10 percent (i.e. profit before tax/revenue).
In a recent statement, the OECD said the agreement by 130 countries represents more than 90 percent of global GDP.
Earlier in June, Group of Seven (G7) countries had backed a global minimum tax of at least 15% as part of a broader push by Joe Biden’s administration to create a “fair and inclusive” international economy.
The new global taxation rate will ensure that large corporations pay a fair share of tax wherever they operate and earn profits to keep such firms from dodging taxes by shifting their profits to countries with low rates.
“Pillar One will ensure a fairer distribution of profits and taxing rights among countries with respect to the largest MNEs, including digital companies,” the international organisation said in a document.
“It would re-allocate some taxing rights over MNEs from their home countries to the markets where they have business activities and earn profits, regardless of whether firms have a physical presence there.
“Pillar Two seeks to put a floor on competition over corporate income tax, through the introduction of a global minimum corporate tax rate that countries can use to protect their tax bases.
“The two-pillar package will provide much-needed support to governments needing to raise necessary revenues to repair their budgets and their balance sheets while investing in essential public services, infrastructure and the measures necessary to help optimise the strength and the quality of the post-COVID recovery.”
Janet Yellen, US treasury secretary, said, “Today is an historic day for economic diplomacy. Lower tax rates have not only failed to attract new businesses, they have also deprived countries of funding for important investments like infrastructure, education, and efforts to combat the pandemic.”
“President Biden has spoken about a “foreign policy for the middle class,” and today’s agreement is what that looks like in practice”.
The implementation plan for the new deal is expected to be finalised in October 2021.
China’s Huawei Technologies unveiled an AI computing system on Saturday that an industry expert said rivals Nvidia’s most advanced product, as the company aims to expand its footprint in the country’s booming AI sector.
The CloudMatrix 384 system made its public debut at the World Artificial Intelligence Conference (WAIC), a three-day event in Shanghai, attracting a large crowd to Huawei’s booth with its showcase of cutting-edge AI innovations.
The system has attracted significant interest from the global AI community since Huawei (HWT.UL) first introduced it in April. Industry analysts see it as a direct challenger to Nvidia’s GB200 NVL72, the most advanced system-level offering currently available from the U.S. chipmaker.
In an April article, Dylan Patel, founder of semiconductor research firm SemiAnalysis, stated that Huawei now possesses AI system capabilities that could surpass those of Nvidia.
Huawei staff at its WAIC booth declined to comment when asked to introduce the CloudMatrix 384 system.
A spokesperson for Huawei did not respond to questions.
Huawei has become widely regarded as China’s most promising domestic supplier of chips essential for AI development, even though the company faces U.S. export restrictions.
Nvidia CEO, Jensen Huang told Bloomberg in May that Huawei had been “moving quite fast” and named the CloudMatrix as an example.
The CloudMatrix 384 system features 384 of Huawei’s latest 910C chips and, according to SemiAnalysis, surpasses Nvidia’s GB200 NVL72 in certain performance metrics, despite the latter using 72 B200 chips.
SemiAnalysis attributes this performance advantage to Huawei’s strong system design, which offsets the lower power of individual chips by leveraging a greater number of them and incorporating system-level innovations.
Huawei describes the system as utilizing a “supernode” architecture that enables ultra-high-speed interconnectivity between chips.
In June, Zhang Pingan, CEO, Huawei Cloud confirmed that the CloudMatrix 384 was already operational on Huawei’s cloud platform.
Transcorp Hotels Plc has delivered a stellar performance in the first half of 2025, recording a 60% year-on-year surge in revenue to ₦47.57 billion, up from ₦29.72 billion in H1 2024. Gross profit climbed 71% to ₦36.21 billion, maintaining a strong 76% margin despite inflation and operational headwinds.
The hospitality giant, a subsidiary of Transnational Corporation Plc, also announced an interim dividend payout of ₦1.024 billion — offering ₦0.10 per 50 kobo ordinary share to shareholders.
In a bold move, the company unveiled Nigeria’s largest corporate venue — the 5,000-seat Transcorp Centre — staking its claim as the new leader in event hospitality. Chairman Emmanuel Nnorom described the results as proof of Transcorp Hotels’ transformative strategies and unwavering investor commitment. MD/CEO Uzo Oshogwe attributed the success to relentless execution and a resilient business model.
Transcorp Hotels, renowned for iconic assets like Transcorp Hilton Abuja and its digital platform Aura, says it isn’t just leading Nigeria’s hospitality sector — it’s redefining excellence across Africa.
Chinese “threat actors” have hacked Microsoft’s SharePoint document software servers and targeted the data of the businesses using it, the firm has said.
China state-backed Linen Typhoon and Violet Typhoon as well as China-based Storm-2603 were said to have “exploited vulnerabilities” in on-premises SharePoint servers, the kind used by firms, but not in its cloud-based service.
The US tech giant has released security updates in response and has advised all on-premises SharePoint server customers to install them.
“Investigations into other actors also using these exploits are still ongoing,” Microsoft said in a statement.
The firm said it had “high confidence” the hackers would continue to target systems which have not installed its security updates.
It added that it would update its website blog with more information as its investigation continues.
Microsoft said it had observed attacks in which hackers had sent a request to a SharePoint server “enabling the theft of the key material by threat actors”.
Charles Carmakal, chief technology officer at Mandiant Consulting firm, a division of Google Cloud, told reporter, it was “aware of several victims in several different sectors across a number of global geographies”.
Carmakal said it appeared that governments and businesses that use SharePoint on their sites were the primary target.
A number of adversaries who stole material encoded by cryptography were then able to regain ongoing access to the victims’ SharePoint data, he said.
“This was exploited in a very broad way, very opportunistically before a patch was made available. That’s why this is significant,” Carmakal said.
Carmakal said the “China-nexus actor” was deploying techniques similar to previous campaigns associated with Beijing.
Microsoft said Linen Typhoon had “focused on stealing intellectual property, primarily targeting organizations related to government, defence, strategic planning, and human rights” for 13 years.
It added that Violet Typhoon had been “dedicated to espionage”, primarily targeting former government and military staff, non-governmental organizations, think tanks, higher education, the media, the financial sector and the health sector in the US, Europe, and East Asia.
Meanwhile, Storm-2603 was “assessed with medium confidence to be a China-based threat actor”.
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