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YouTube To Deduct Taxes From Nigerian Content Creators, Others

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YouTube is set to start deducting taxes from creators outside of the United States on the earnings they generate from viewers in the US.

The company said in an email to creators that the additional tax may come into effect from June 2021.

YouTube also asked creators to submit their tax information in AdSense “to determine the correct amount of taxes to deduct”.

“If your tax info isn’t provided by May 31st, 2021, Google may be required to deduct up to 24 per cent of your total earnings worldwide,” the email read.

On a support page, the company stated that upon submission of US tax info, withholding rates would be between zero per cent and 30 per cent on earnings generated from viewers in the US and also depended on whether the creator’s country had a tax treaty relationship with the US.

YouTube said its parent company Google had the responsibility under Chapter three of the US Internal Revenue Code to collect tax information, withhold taxes, and report to the Internal Revenue Service when a creator earned royalty revenue from viewers in the US.

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JUST IN: Nigeria’s Inflation Rate Drops To 18.12%

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Nigeria’s rate of inflation dropped to 18.12 per cent in April 2021, the National Bureau of Statistics (NBS) said on Monday

It was 18.17 per cent in March, shedding 0.05 per cent to close at 18.12 in April.

The NBS said: “The Consumer Price Index, which measures inflation increased by 18.12 per cent (year-on-year) in April 2021.

“This is 0.05 per cent points lower than the rate recorded in March 2021 (18.17 per cent).”

The 0.05 per cent drop in April 2021 was the first time Nigeria’s inflation rate would fall in about 20 months as the last time it fell was in 2019 when the CPI shed 0.06 per cent, falling from 11.08 per cent in July to 11.02 in August.

In its April 2021 inflation report, the NBS stated increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the headline index.

On a month-on-month basis, the headline index increased by 0.97 per cent in April 2021, this was a 0.59 per cent rate lower than the rate recorded in March 2021 (1.56 per cent).

The percentage change in the average composite CPI for the 12 months period ending April 2021 over the average of the CPI for the previous 12 months period was 15.04 per cent, showing 0.48 per cent point from 14.55 per cent recorded in March 2021.

The urban inflation rate increased by 18.68 per cent year-on-year in April 2021 from 18.76 per cent recorded in March 2021, while the rural inflation rate increased by 17.57 per cent in April 2021 from 17.60 per cent in March 2021.

On a month-on-month basis, the urban index rose by 0.99 per cent in April 2021, down by 0.61 the rate recorded in March 2021 (1.60 per cent).

The rural index also rose by 0.95 per cent in April 2021, down by 0.57 the rate that was recorded in March 2021(1.52 per cent).

The corresponding 12-month year-on-year average percentage change for the urban index was 15.63 per cent in April 2021.

This was higher than 15.15 per cent reported in March 2021, while the corresponding rural inflation rate in April 2021 was 14.48 per cent compared to 13.99 per cent recorded in March 2021.

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SMEs Has Key Role In Economy Post-COVID –Institute

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The National Institute of Marketing of Nigeria says Small and Medium Enterprises will play a significant role in the post-COVID-19 world.

In a statement, the institute said conversations on this would be held at its two-day Annual Marketing Conference scheduled to hold later in May.

Speaking ahead of the AMC, the President of NIMN, Tony Agenmonmen, said the conference’s theme was informed by the “very significant roles” that SMEs played in the economic and social lives of the nation, in terms of employment generation, poverty reduction, and contribution to the Gross Domestic Product.

Agenmonmen said the AMC would be an avenue to present the account of stewardship of the institute’s leadership for the year ended December 31, 2020.

He said, “This will be my last AMC as the president and chairman of the council of our great institute.

Therefore, I will also use the occasion to present my stewardship for the over four years that I have had the privilege of leading my colleagues in the council, to lay a solid foundation and an irreversible growth for the institute.”

Meanwhile, the institute said it had inaugurated an eight-man disciplinary panel to look into the activities of quacks in the profession.

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Edo Government To Commence Building Of Int’l Market For Electrical, Electronic Materials

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As part of efforts towards making Edo State a preferred investment destination, the state government has facilitated a memorandum of understanding (MoU) with investors for the building of the Monee International Market in the state.

To facilitate the process, the government had earlier granted a waiver to the investor in the payment of planning fees, besides other government efforts.

The MoU was signed by members of the Board of Trustees (BOT) of Monee International Market, the developer, Alicesons Property Market Limited, and lawyers for both parties at the ESIPO office in Benin City.

The international market located on Agbor Road, Benin City is for the sales of electrical and electronic materials as well as building materials.

On completion, it will create 20,00 direct and indirect jobs for the populace and also be seen as a significant economic impetus for the development of the state.

The investor stated that it will alter the original plan of the market to increase the number of building so as to accommodate up to 2,860 stores from the original 1,290.

Speaking at the MoU signing ceremony, the Managing Director of Edo State Investment Promotion Office (ESIPO), Mr Kelvin Uwaibi assured the investor of government support towards completing the project soon.

According to him, “As a government, you have our support to move to site two weeks from today.

“Let me say that God’s hand is in this project. We are doing this and prosperity will hold us accountable.

”We all want to change Nigeria for the better and this is one thing we are doing to bring that change; working with all sincerity to make good things happen in our state which will legitimately put money into the pockets of our people through trading will help the Nigeria economy,” he added.

Chief Sam Awiaka who spoke on behalf of the BoT of Monee International Market said that the project has lingered for years.

He commended the courage and efforts of ESIPO in facilitating the project, urging stakeholders not to relent until the project completion.

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