FG implements 5% telecoms excise duty tax
The Federal Government re-introduce the earlier suspended 5% excise duty tax in the telecom industry.
FG implements 5% telecoms excise duty tax (Image credit: Voice of Liberty)
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Recall the FG in August last year, in a move to boost the country's revenue generation, had announced it would begin the implementation of its proposed excise duties on telecommunication services and beverages in 2023.
The Finance Minister had stated that the move became necessary as the FG was not realising enough revenue from oil hence the indeed to look towards the non-oil sector for revenue generation.
Speaking on the matter, the Chairman of the Association of Licensed Telecoms Operators of Nigeria (ALTON), Gbenga Adebayo also rejected the new tax imposed on the sector saying it would be a burden which would be passed to subscribers.
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The Minister of Digital Economy, Prof Isa Pantami, however, announced that after due consultations with the necessary stakeholders, the government had exempted telecom from the proposed 5% tax duty in March this year
Pantami had argued that the sector needed the waiver as it was already overburdened with excessive and multiple taxations.
Efforts to shelve the tax imposed on the telecom sector have been short-lived with the new Fiscal Policy Measures for 2023.
Part of the circular titled ‘Approval for the Implementation of the 2023 Fiscal Policy Measures and Tariff Amendments.’ read:
“The excise duty on Single Use Plastics shall also take effect from 1st June 2023. While on the other hand, the excise duty rate on Telecommunication Services remains as approved by Mr President and published in the Official Gazette No. 88, Vol. 109 of 11th May 2022.”
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