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Nigerians, to pay more as FG proposes 12.5% Telecom tax
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The federal wants to reintroduce excise duty on telecommunication services will see consumers paying more for calls.
The government is increasing the consumption tax on telecom services to 12.5 percent from the current 7.5 percent value-added tax. This move is part of a broader tax reform initiative detailed in a bill entitled, ‘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.’
The proposed bill seeks to unify fiscal legislation governing taxation in the country. It seeks to introduce excise duties on telecoms, gaming, gambling, lotteries, and betting services.
“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 bill read.
The bill explained that the “amount of an excisable transaction is the amount chargeable for the service by the service provider, both in money or money’s worth.
This tax is going to hurt the telecom industry and subscribers alike,” said Adeolu Ogunbanjo, president of the National Association of Telecoms Subscribers. “They are essentially trying to kill the industry by imposing more burdens on it.”
The reintroduction of the excise duty comes despite a 2023 executive order suspending the implementation of a five percent excise duty on telecom services. This tax has been contentious since it was first proposed in 2022, with telecom operators indicating they would pass the cost on to consumers.
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Just in: Ex-HoR member finally regains freedom after serving jail term in Kuje
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Ex- House of Representatives member, Hon Farouk Lawan has finally regained freedom after serving his jail term at Kuje custodial.
Lawan in a statement he personally signed thanked his family and friends who supported him while serving his jail term in Kuje.
Read statement below:
“I Thank Almighty Allah – Hon Farouk Lawan
Alhamdulillah
Alhamdulillah
Alhamdulillah
“Today marks the beginning of a new chapter in my life as I step out of Kuje Custodial Centre, with a heart full of gratitude to Allah SWT for seeing me through this trial.
“My gratitude is deep, I’m alive and in good health and high spirits to be with my family, friends and associates. I don’t take that for granted.
“I remain grateful and indebted to my family and friends who stood by me through this particularly trying phase of my life.
“May Allah SWT bless you🙏
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