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Nigeria abstained from signing a global tax deal signed by about 130 countries in the world.

Leading economies in the world agreed to force a global minim corporate tax rate of 15% on multinationals in a landmark deal that was led by OECD. The negotiations were held in Paris, France. The deal is also targeted at Big Tech companies who often exploit tax loopholes and tax havens to avoid paying taxes. However, this deal is expected to generate about $100 billion in taxes annually.

Despite the immense benefits, Nigeria was among the eight counties that abstained from signing the pact. The others include Estonia, Hungary, Ireland, Barbados, Sri Lanka, St Vincent and Grenadines. Kenya joined Nigeria as the only African country that abstained.

This is a developing story…

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