News | Events | Digital PR | Advertising

Home News Nigeria Introduces 5% Excise Duty on Telecoms, Gaming, and Betting
News

Nigeria Introduces 5% Excise Duty on Telecoms, Gaming, and Betting

Share
Share

The Federal Government has proposed a new tax bill, aimed at overhauling Nigeria’s tax framework. The legislation, dated October 4, 2024, introduces a 5% excise duty on telecommunications services, gaming, gambling, lotteries, and betting activities.

The bill imposes a 5% excise duty on telecoms services, including postpaid and prepaid services, as well as gaming, gambling, betting, and lottery services. Additionally, it introduces excise duty on currency transactions, specifically the difference between the Central Bank of Nigeria’s rate and the actual transaction rate.

The government seeks to boost non-oil revenue and widen its revenue base, leveraging growth in the telecoms and betting sectors. The bill aims to ensure currency exchanges align with official CBN rates.

This move has sparked mixed reactions, with concerns about increased financial burdens on citizens and potential economic benefits.

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
FeaturesNews

“I Will Present the Evidence”: Senator Natasha Vows to Expose Akpabio in Explosive Harassment Claim

Kogi Central lawmaker Natasha Akpoti-Uduaghan has issued a bold declaration, promising to...

News

Chinese Retailer Lets Employees Take Off for “Unhappy Days”

A Chinese retail company, Pang Dong Lai, has introduced a unique policy...

FeaturesNewsWorld News

Elon Musk Denies Reports of Stepping Back from Government Role, Calls It ‘Fake News’

Elon Musk has dismissed reports suggesting he will step down from his...

EntertainmentEventsNews

Portable vs. Speed Darlington: Celebrity Boxing Match Set for April 18 in Lagos

Nigerian music sensations Portable and Speed Darlington are gearing up for a...