The Bola Ahmed Tinubu-led Nigerian government plans to impose a 5 percent tax on telecommunication, gaming and betting services in the country.
This is amid the economic hardship that seems to have no end.
This was contained in the Economic Stabilisation Bills recently sent to the National Assembly by the Federal Government.
Analysis of the bill indicated that it seeks to introduce excise duties on services such as telecoms, gaming, gambling, lotteries, and betting provided in Nigeria.
This means Nigerians using telecoms and betting services would have to pay more as part of the government’s drive to overhaul the country’s tax framework.
The bill seeks to introduce excise duties on services such as telecoms, gaming, gambling, lotteries and betting provided in Nigeria.
“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.”
This comes after the Federal Executive Council in September 2024 approved the bill as recommended by the Presidential Committee on Fiscal Policy and Tax Reforms.
The bill also houses the government’s plan to impose a 25 percent tax on Nigerians classed as ‘wealthy’ or earning above ₦1.5 million as salaries.
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