FG waives 5% excise duty on telecom services

The Minister of Communications and Digital Economy, Isa Pantami has said that the Federal Government has removed its proposed 5% excise duty on telecommunication services.

The government announced that this was in line with the recommendations of a committee, the Presidential Review Committee on Excise Duty in the Digital Economy Sector, which was constituted to review the implementation of excise duty in the telecom sector.

Pantami stated thus:

“I am happy to report to you that President Muhammadu Buhari has approved the exemption of the digital economy sector from the 5% excise duty to be paid and this is because of the strength of the argument presented to him by the Committee that additional burden on telecom sector will increase the sufferings of Nigerians and that other sectors that are not making as much contribution to the economy should be challenged to do more and pay the 5% excise duty.”

“Many MSMEs and SMEs depend on the sector for survival; if the tax is increased, the impact will take a toll on these businesses.

Source: FG waives 5% excise duty on telecom services – StocksWatch (stocksng.com)

Related Posts

07

Jun
Market Update

NGXASI drops 0.03% with positive breadth

Trading activities on the floor of the Nigerian Stock Market closed lower with 32 stocks appreciating in their share value. The All Share Index dropped by 0.03% to close at 56,024.52 points as against the previous close of 56,038.85 points. Market capitalisation also nosedived by 0.02% closing at N30.506 trillion as against N30.513 trillion of the previous […]