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Nigeria Opted Out of Global Tax Deal Seeing Little Gain: Official

Nov. 30, 2021, 6:16 PM

Nigeria didn’t sign a global tax deal because the costs to implement it may outweigh any benefits in additional revenue, an official said Tuesday.

Nearly 140 countries have signed an October agreement that creates a corporate minimum global tax rate and reallocates a portion of the largest multinationals’ profits to more countries. But four of the nations involved in negotiations have yet to sign: Nigeria, Kenya, Pakistan, and Sri Lanka.

For Nigeria, the profit reallocation rules, known as Pillar One, would only bring in additional tax from fewer than 10 of the roughly 100 in-scope companies, said Mathew Gbonjubola, director ...