News

NASS moves to reintroduce 5% excise duty on telecom, betting services

today10/21/2024 4

Background
share close

The National Assembly is devising to reinstate a 5% excise duty on telecommunications and betting services in Nigeria, despite the previous exemption granted to the telecom sector by former President Muhammadu Buhari.

The proposal seeks to impose the excise duty on telecommunications services, gaming, betting, and lottery activities throughout the country. This reinstatement follows President Bola Tinubu’s executive orders on July 6, 2023, which included a suspension of the 5% excise tax on telecommunications to alleviate the financial burden on businesses and households.

The initiative which was outlined in an executive bill titled the “Nigeria Tax Bill 2024,” states that the taxable amount will be determined based on the charges levied by service providers, whether in monetary terms or equivalent value.
However in a recent development, Nigeria’s telecommunications sector has strongly rejected the attempt. They described the move as insensitive to the current economic climate and the financial struggles faced by consumers.

Written by: bossgmsi

Rate it

Previous post

News

Reps propose sanctions for gas flaring

A bill seeking to prohibit gas flaring in Nigeria, as well as ensure compliance with international standards and promote environmental sustainability may be listed for a second reading on the floor of the House of Representatives next week. Sponsored by the member representing Ikorodu Federal Constituency of Lagos State, Babajimi Benson, the bill seeks to encourage the utilisation of natural gas resources to promote economic growth and reduce carbon emissions. […]

today10/21/2024 3

Post comments (0)

Leave a reply

Your email address will not be published. Required fields are marked *

0%
Our customer support team is here to answer your questions.
error: Alert: Content is protected !!