Nigeria’s government plans to impose a 5% tax on telecommunications, gaming, and betting services in the face of economic hardship.
The Federal Government recently sent Economic Stabilisation Bills to the National Assembly, which included this provision.
According to an analysis of the law, it intends to impose excise duty on services delivered in Nigeria, including telecoms, gaming, gambling, lotteries, and betting.
As part of the government’s efforts to revamp the country’s tax framework, Nigerians who use telecoms and betting services would be required to pay extra despite facing economic hardship.
According to an analysis of the draft law released on Friday, it wants to impose excise duty on services delivered in Nigeria, including telecoms, gaming, gambling, lotteries, and betting.
This follows the Federal Executive Council’s approval of the measure in September 2024, as suggested by the Presidential Committee on Fiscal Policy and Tax Reform.
Similarly, the law included provisions to levy a 25% tax on Nigerians earning more than N1.5 million in salary.
The bill is likely to go into effect in 2025 if it passes the National Assembly.
The decision to impose a 5% tax follows the announcement by former Minister of Communications and Digital Economy Isa Pantami in May 2023 that the industry would be tax-exempt.
Also Read:
Kwara: Gov Abdulrazaq directs payment of new minimum wage from October 2024
President Tinubu returns to Abuja after a two-week leave in the UK
I won’t descend into gutters with you — Atiku fires back at Wike
cc: Daily Post Ng
