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NIGERIANS TO PAY MORE ON TELECOM SERVICES

Nigerians will soon begin to pay a 12.5% tax on telecommunication services, as the Federal Government moves to apply a 5% inclusive excise duty on such services in Nigeria.

This was made known by the Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed in Abuja, at a stakeholders’ roundtable on the application of the excise duty on Telecommunications Services in Nigeria, organised by the Nigerian Communications Commission (NCC).

The implication of this is that the existing 7.5% Value Added Tax (VAT) on Telecom Services will be increased by 5%.

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According to the Minister who was represented by the Assistant Chief Officer of the Ministry, Mr Frank Oshanipin, the Finance Act 2020 included a 5% excise fee that was never put into effect.

She said the delay in its implementation was a result of the Government’s engagement with stakeholders.

 

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4 Comments

4 Comments

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