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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.
