{"id":196162,"date":"2022-06-14T13:31:22","date_gmt":"2022-06-14T12:31:22","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=196162"},"modified":"2022-06-14T13:31:22","modified_gmt":"2022-06-14T12:31:22","slug":"osinbajo-africa-must-collaborate-with-world-to-benefit-from-intl-taxation-initiatives","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/06\/14\/osinbajo-africa-must-collaborate-with-world-to-benefit-from-intl-taxation-initiatives\/","title":{"rendered":"Osinbajo: Africa must collaborate with world to benefit from int\u2019l taxation initiatives"},"content":{"rendered":"<p>Yemi Osinbajo, Nigeria&#8217;s Vice-President has stated that Africa needs to deepen cooperation and collaboration with the rest of the world to enjoy maximum benefit from international taxation initiatives.<\/p>\n<p>This was stated on Monday by Osinbajo while speaking at the<span class=\"acssf62a8\"> opening session of a panel at the ongoing Africa CEO Forum held in Abidjan, Cote d\u2019Ivoire.<\/span><\/p>\n<p><span class=\"acssf62a8\">The theme of the forum was \u2018Economic sovereignty: From ambition to action\u2019.<\/span><\/p>\n<p><span class=\"acssf62a8\">Osinbajo said there was an utmost need for collaboration between Africa and the rest of the world, adding that caution must be considered when it comes to economic sovereignty.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cI think that we have to be a bit more careful with the\u00a0<\/span><span class=\"acssf62a8\">concept of economic sovereignty because we really need to collaborate more and with the way that development is going, we need to watch some of these things,\u201d the vice-president said.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cFor instance, if we look at the way that technology is going which is key for us in Nigeria, particularly issues of taxation of <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/06\/09\/fg-to-penalise-oil-companies-violating-regulations-on-human-capacity-development\/\">tech companies<\/a> and all of that, it is evident that this is difficult and it is a major expression of sovereign power \u2014 the power to tax.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cThe way that the world and technology are structured today, there is no way that you can use the same basis \u2014 personal and territorial basis \u2014 for taxation.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cThese are multinational enterprises that spread across countries and continents.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cWe have got to cooperate with the world and the international tax system to ensure that we are able to derive maximum benefit; we have got to take a seat at the table and ensure that all of the various initiatives on international taxation favour us in Africa.\u201d<\/span><\/p>\n<p><span class=\"acssf62a8\">According to him, while Africa is looking inwards, it also needs to look outwards as well because a lot of money is obviously used by tech companies across the world and a lot of African countries are value creators for these companies.<\/span><\/p>\n<p><span class=\"acssf62a8\">Osinbajo also said Africa needs to explore ways to tap into its intellectual capacity.<br \/>\n<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cThe world is now more about intellectual capital. We have to think of how we can work with the world to achieve maximum benefit for our intellectual capacity,\u201d he said.<\/span><\/p>\n<p><span class=\"acssf62a8\">On his part, Abdulsamad Rabiu, chief executive officer, BUA Group, said to fast-track development, Africa should look inwards.<\/span><\/p>\n<p><span class=\"acssf62a8\">Rabiu said leveraging opportunities provided by the Africa Continental Free Trade Agreement (AfCFTA), and improving infrastructure, are some of the key areas that leaders in the continent must focus on.<\/span><\/p>\n<p><span class=\"acssf62a8\">President Alassane Ouattara of Cote d\u2019Ivoire, while giving his opening remarks, commended the organisers for bringing together public and private sector leaders across the continent and beyond to discuss and develop new paths aimed at boosting the transformation of economies across Africa.<\/span><\/p>\n<p><span class=\"acssf62a8\">He said despite the COVID-19 pandemic, efforts have been geared towards fruitful collaborations, as well as \u201cbuilding new partnerships between the public and private sectors, especially providing opportunities for young Africans with particular focus on green economy\u201d.<\/span><\/p>\n<p>Other speakers on the panel were President Nana Akufo-Addo of Ghana; Makhtar Diop, managing director of the International Finance Corporation; Patrick Njoroge, governor, Central Bank of Kenya; Kate Kanyi Tometi-Fotso, chief executive officer, Telcar Cocoa; and Karim Beguir, chief executive officer, Instadeep.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yemi Osinbajo, Nigeria&#8217;s Vice-President has stated that Africa needs to deepen cooperation and collaboration with the rest of the world to enjoy maximum benefit from international taxation initiatives. This was stated on Monday by Osinbajo while speaking at the opening session of a panel at the ongoing Africa CEO Forum held in Abidjan, Cote d\u2019Ivoire. [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":3116,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[800,704,9976,805],"class_list":["post-196162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-africa","tag-economy","tag-international-community","tag-yemi-osinbajo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Osinbajo: Africa must collaborate with world to benefit from int\u2019l taxation initiatives<\/title>\n<meta name=\"description\" content=\"Yemi Osinbajo, Nigeria&#039;s Vice-President has stated that Africa needs to deepen 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