Saturday , September 30 2023
Nigeria Suspends Proposed 5% Excise Duty  on Telecoms Services

Nigeria Suspends Proposed 5% Excise Duty  on Telecoms Services

The Federal Government has suspended its proposed 5% excise duty on telecommunication services.

The Minister of Communications and Digital Economy, Isa Pantami announced this on Monday during the inaugural meeting of the Presidential Committee on Excise Duty for the Digital Economy Sector in Abuja.

The minister said that the telecommunications sector is already overwhelmed by excessive and multiple taxation and thereby against the implementation of the tax which will increase the cost of telecommunication services.

Click To Read: Pantami Flaws FG’s 5 Per Cent Excise Duty on Calls

The Federal Government had through the Budget Office of the Federation revealed that it will commence the implementation of ts proposed excise duties on telecommunication services and beverages in 2023.

“You introduced excise duty to discourage luxury goods like alcohol. Broadband is a necessity. If you look at it carefully, Broadband contributes 2 per cent to 7.5 per cent to the economy. Imposing five per cent excise duty on operators will only bring hardship at this time, and that cannot be tolerated,” he earlier averred.

Also Read: No to the Proposed 5% Tax on Telecommunications Services

Pantami however advised federal government to expand the scope, by taxing other sectors, while urging operators to come together and salvage the telecoms sector.

More Details Later…

About Bukola Olanrewaju

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