deposit 5000
slot deposit 5000
slot gacor situs toto
togel online
toto 4d
situs slot toto 4ddemo slot gacorslot 88
slot gacor slot gacor
slot gacor
brenjitu
slot gacor
situs toto
situs toto
SITUS TOTO
situs toto
TOTO 4D
SITUS TOTO 4D
SLOT GACOR
https://booking.embuni.ac.ke/live-draw-sydney-hongkong
TOTO 4D
toto togel
slot online
slot gacor
slot gacor
slot pulsa
hongkong lotto
slot gacor
brenjitu
slot pragmatic
situs bola
situs gacor
situs toto
situs slot gacor
slot 4d

FG eyes 5% tax on telecommunications, other services

Onwubuke Melvin
Onwubuke Melvin

The Federal Government of Nigeria has proposed a five per cent excise duty on telecommunications services, gaming, and betting activities as part of a new bill aimed at overhauling the country’s tax framework.

This move is intended to boost revenue collection and enhance fiscal sustainability.

The bill, titled, “A Bill for an Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks relating to Taxation and Enact the Nigeria Tax Act to Provide for Taxation of Income, Transactions, and Instruments, and Related Matters,” was dated October 4, 2024, and obtained from the National Assembly, according to The Punch.

The proposed legislation aims to introduce excise duties on various services, including telecommunications, gaming, gambling, lotteries, and betting within Nigeria.

This analysis highlights the government’s strategy to expand the tax base and increase revenue from these rapidly growing sector.

A section of the bill read, “The amount of an excisable transaction is the amount chargeable for the service by the service provider, both in money or money’s worth.

“Services, including telecommunications, gaming, gambling, betting, and lotteries however described, provided in Nigeria shall be charged with duties of excise at the rates specified under the Tenth Schedule to this Act in a manner as may be prescribed by the Service.”

The proposed bill outlines a structured excise duty where telecommunications services, including both postpaid and prepaid offerings regulated by the Nigerian Communications Commission, will incur a five per cent duty.

This means that consumers could see a rise in their service costs, as providers may pass on the additional tax burden.

The same rate will apply to gaming, gambling, betting, and lottery services.

The bill also establishes guidelines for currency transactions, stating that any discrepancy between the prevailing Central Bank of Nigeria exchange rate and the actual transaction rate will be subject to excise duty.

This measure is part of the government’s strategy to enhance non-oil revenue in light of ongoing fiscal pressures.

With the rapid growth in the telecommunications and betting sectors, authorities aim to broaden the revenue base, recognizing these industries as significant sources of potential tax income.

This move reflects a shift towards diversifying revenue sources and reducing reliance on oil
export.


TAGGED:
Share this Article
Leave a comment

Leave a Reply

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

situs totoslot thailand situs totoslot gacor situs toto slot online situs toto demo slot gacor situs slot gacorsitus 4d situs totoslot gacorslot gacorslot gacorslot gacorslot gacor
slot gacor
slot gacor situs toto
togel online
toto 4d
situs slot slot demo pgslot 88
slot gacor slot gacor
slot gacor
brenjitu
situs toto
situs toto
SITUS TOTO
toto macau 4d
TOTO 4D
SITUS TOTO 4D
SLOT GACOR
https://booking.embuni.ac.ke/live-draw-sydney-hongkong
TOTO 4D
toto togel
slot online
slot gacor
slot pulsa
hongkong lotto
slot gacor
slot gacor
slot pragmatic
situs bola
situs gacor
situs toto
situs slot gacor
situs totoslot gacordemo slot situs slot gacor
slot66
slot gacor
situs slot gacor
slot gacor
scatter hitam
scatter hitam
slot gacor scatter hitam
scatter hitam
situs slot gacor pulsa
situs baru slot gacor