MTN, DSTV should be paying more taxes - President Tinubu told

Reno Omokri, a leading member of the Peoples Democratic Party (PDP) has called for more taxes on South African companies based in Nigeria.

Reno's call to President Bola Tinubu comes off the back of revelations that the South African government places heavy taxes on foreign companies operating in the country.

Using MTN as an example, the motivational speaker alleged that Almost 100% of MTN Nigeria's profit after tax is repatriated to South Africa noting that MTN makes ₦2 trillion in revenue from Nigeria.

According to him, the tax regime in South Africa there is a 28% Income Tax "on foreign companies doing business in their country."

Read his statement below

Every year, MTN Nigeria makes ₦2 trillion in revenue from Nigeria. That is more money than Nigeria spends on critical infrastructures annually. Almost 100% of MTN Nigeria's profit after tax is repatriated to South Africa.

Do you know the massive downward pressure that a combined total of almost $5 billion that MTN, DSTV, and other South African companies repatriate back home to South Africa annually from Nigeria has on the Naira?

How many major Nigerian companies are doing business in South Africa? Please fact-check me again. Under the South African Income Tax Act, South Africa places a 28% tax on foreign companies doing business in their country.

And in addition to the 28% tax you pay, you have limits on how much of your profits you can repatriate to your home country. And even the amount you can repatriate is subject to an additional repatriation tax, different from the initial 28% tax you pay.

We ought to place far higher taxes on South African companies doing business in Nigeria than the taxes paid by Nigerian companies, especially where Nigerian companies are competing with those South African companies.

That is what Europe, America and Canada are doing to us.

What did Christ say in the Gospels?

"From whom do the kings of the earth collect duty and taxes—from their own children or from others?” “From others,” Peter answered. “Then the children are exempt,” Jesus said to him.-Matthew 17:26.

Prophet Muhammad (Sallallahu Alayhi Wasallam) also placed Jizya Tax on foreigners.

This is a practice in the European Union, England and the United States.

The EU, UK, and the US allow African countries to export cocoa and coffee to their domains without much taxes. But if any African country attempts to refine their cocoa into chocolates or their coffee into instant coffee, they get slapped with a heavy import tax.

As a result, and please fact-check this, the whole of Africa, including Nigeria, makes a paltry $2.4 billion from chocolate imports. In comparison, Germany alone makes over €4.5 billion (Euros, not dollars) annually refining and re-exporting cocoa imported from Africa.