₦airaland Forum

The Federal Government has proposed a five per cent excise duty on telecommunications services, gaming, and betting activities as part of a new bill to overhaul Nigeria’s tax framework.

The bill, titled, “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,” was dated October 4, 2024, and obtained from the National Assembly.

An analysis of the proposed legislation on Friday showed that it seeks to introduce excise duties on services such as telecoms, gaming, gambling, lotteries, and betting provided in Nigeria.

A section of the bill read, “The amount of an excisable transaction is the amount chargeable for the service by the service provider, both in money or money’s worth.

“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.”

A breakdown of the excise duty structure in the bill indicates that telecoms services, including postpaid and prepaid services regulated by the Nigerian Communications Commission, will attract a five per cent duty.

The same rate will apply to gaming, gambling, betting, and lottery services.

The bill also introduces guidelines on currency transactions, specifying that any difference between the prevailing Central Bank of Nigeria exchange rate and the actual transaction rate will be subject to excise duty.

The new tax regime forms part of the government’s strategy to boost non-oil revenue amidst fiscal pressures.

With rapid growth in the telecoms and betting sectors, authorities are looking to widen the revenue base.

The bill also aims to ensure that currency exchanges align with official CBN rates, with any excess payable as excise duty under a self-assessment model.

Source: https://punchng.com/FG-plans-5%-tax-on-telecoms-services-others

The only thing these fôols know is taxing the hell out of massively impoverished populace then, share some bags of rice

Toh

We should be expecting the Nollywood movies about this new tax policy

Government of the tax, by the tax and for the tax.


If the taxes collected are channeled to their proper use, no one will complain. However, they often end up in private pockets.

Good one.

Tax tax tax

That's all dis f**LS know about...tax and yet some people will rather we have dis unqualified in office than Obi who's far better.....Nigeria sha

Toh

Chikel20000:
That's all dis f**LS know about...tax and yet some people will rather we have dis unqualified in office than Obi who's far better.....Nigeria sha

If you don't want government to be borrowing unnecessarily, then suggest another means of raising funds without taxing

Please save us the story of government should cut their excess , even if they do, it's not even up to 3% of the current budget

.

helinues:
If you don't want government to be borrowing unnecessarily, then suggest another means of raising funds without taxing

Please save us the story of government should cut their excess , even if they do, it's not even up to 3% of the current budget

u are one of them government?
I will find u
u think u all will steal our money and walk free?

helinues:
If you don't want government to be borrowing unnecessarily, then suggest another means of raising funds without taxing

Please save us the story of government should cut their excess , even if they do, it's not even up to 3% of the current budget

You're irredeemable, you always find a reason to support the oppressors against the oppressed and downtrodden, I know your life is not better off, that's why you can't sleep at night.

ceejay80s:
u are one of them government?
I will find u

I wasn't expecting a threat, respond to my comments appropriately because it be like some of you just like to complain and complain without proffering any solution

Georgry:
You're irredeemable, you always find a reason to support the oppressors against the oppressed and downtrodden, I know your life is not better off, that's why you can't sleep at night.

Seh una own opposition no even get any idea about solving anything apart from nagging?

Nice one from the FG.

Telecoms and betting industries have been making huge profits, its only right for them to contribute more to the national revenue.

Tax master.

helinues:
I wasn't expecting a threat, respond to my comments appropriately because it be like some of you just like to complain and complain without proffering any solution



Seh una own opposition no even get any idea about solving anything apart from nagging?

I'm not an opposition, I'm someone you can classify as independent, I can't asslick anybody, governance Is not only about the government but also the governed, there should be a balance, you can't take all these money from the people and do nothing for them.

helinues:
Toh

..hellanuis..

..is this one achievement of the roasted electricity fraud from the anuis to hell..

..sadistic Toh chanter ?..

Blurrr vision pro

Georgry:
I'm not an opposition, I'm someone you can classify as independent, I can't asslick anybody, governance Is not only about the government but also the governed, there should be a balance, you can't take all these money from the people and do nothing for them.

Again, refuse the urge to shalaye, suggest how government can raise funds if they are not going to be borrowing unnecessarily

This people will soon start being stoned to death,especially on podiums during campaigns

Please impose tax on air we breathe in. Less than two years
1. He has reduced purchasing power
2. Slow down the economy
3 .widen the tax net.

Great move by the FG. This will significantly boost our non-oil revenue.

Obasanjo didn’t need to tax us so much to revive the economy from military misrule . What we have here are thieves masquerading as reformist . All the tax increases they have done have not been well accounted for/ utilised .

Import duty has been increased greatly. The most painful one is the high duty imposed on fish a month ago. This is the reason for the increase in fish price recently. Isn’t fish food ? Shouldn’t they bring it down to make life bearable? It is only on paper they will announce a reduction in duty for food but in reality it is different .

The protest that can change Nigeria at the moment is the one where people will have to find their way to abuja, march to aso rock and ask the president to come out and address the citizens physically . He will know we now mean business in case he wants to continue to do anyhow. This protest of locking people inside stadium to protest will never work .

kcprince:
Obasanjo didn’t need to tax us so much to revive the economy from military misrule . What we have here are thieves masquerading as reformist . All the tax increases they have done have not been well accounted for/ utilised .

Import duty has been increased greatly. The most painful one is the high duty imposed on fish a month ago. This is the reason for the increase in fish price recently. Isn’t fish food ? Shouldn’t they bring it down to make life bearable? It is only on paper they will announce a reduction in duty for food but in reality it is different .

The protest

Sebi large scale fishing farming can't be done in Nigeria. We must import everything even maggi

Fish rearing can't survive in Nigeria water/river.

Eish

Tinubu should kuku kiII all of us. What's the meaning of this crazy taxation everyday?

helinues:
Sebi large scale fishing farming can't be done in Nigeria. We must import everything even maggi

Eish

How many improvements have you done to make the country great? I can list mine.

Google the price of fishing trowel and tell me how many businesses can afford it. What modalities has been put in place to make the acquisition easier for businesses by the government so we can have a thriving fishing industry. This also applies to other sectors like agriculture, manufacturing , power, transport etc.

kcprince:
How many improvements have you done to make the country great? I can list mine.

Google the price of fishing trowel and tell me how many businesses can afford it.

I can't even count how many suggestions I have made on this forum which those who are in government have made use precisely. Not one or 2 so they can't be coincidence.

If we can be producing our native wear, why should we still be importing Okrika clothes and shoes?

helinues:
Again, refuse the urge to shalaye, suggest how government can raise funds if they are not going to be borrowing unnecessarily

You're not making sense, what have they been using the tax payers money for? That's my question, they have no moral justification to want more, that's my argument, and I'm not shalayeing to anybody, not to someone like anyways.

Georgry:
You're not making sense, what have they been using the tax payers money for? That's my question, they have no moral justification to want more, that's my argument, and I'm not shalayeing to anybody, not to someone like anyways.

Stop using question to answer questions. Answer the question first asked before having any expectations of me responding to your questions.

That's quarter cleverness, shun it

helinues:
I can't even count how many suggestions I have made on this forum which those who are in government have made use precisely. Not one or 2 so they can't be coincidence.

If we can be producing our native wear, why should we still be importing Okrika clothes and shoes?

We still import okirika because of low purchasing power. Just like we import Tokunbo cars and electronics. If we produce our native wear with band A light, we will not be able to compete with imported ones

helinues:
Stop using question to answer questions. Answer the question first asked before having any expectations of me responding to your questions.

That's quarter cleverness, shun it

Am not obliged to answer any of your damn questions, the government have removed subsidy, let us see what they've done with that before introducing another tax that's all, am not sure you went to school, any taxation introduced always have a domino effect on the sector in which it's introduce, the people will bare the brunt of all these policies and you feel the tax payers has no right to complain?

kcprince:
We still import okirika because of low purchasing power. Just like we import Tokunbo cars and electronics. If we produce our native wear with band A light, we will not be able to compete with imported ones

Just imagine, what's the usefulness of 150m population when we can't produce our own clothes without wearing used one by others.

The cars and electronics, what's stopping the business people in Nigeria to have collaboration with foreign company and have assembling plant in Nigeria?