FG Moves to Begin Implementation of 5% Excise Duty on Telecom Services Oghenevwede Ohwovoriole in Abuja In spite of the existing 7.5 per cent Value Added Tax (VAT) that Nigerians pay for goods and services, the federal g
In spite of the existing 7.5 per cent Value Added Tax that Nigerians pay for goods and services, the federal government, yesterday revealed plan to implement the five per cent excise duty on telecoms services which it had previously intimated Nigerians about.
The federal government disclosed this yesterday at a stakeholders’ meeting in Abuja, organised by the Nigerian Communications Commission . According to Oshanipin, “The five per cent excise duty has been in the Finance Act 2020 but hasn’t been implemented.”He added that payments would be made latest 21st of every month.
The President of the Association of Telecommunications Companies of Nigeria, , Ikechukwu Nnamani who was represented by the Executive Secretary of ATCON, Ajibola Olude, said, “the five per cent excise duty on telecom services would not be in tandem with present realities,” adding that the industry was bleeding.“The idea untimely and not well intended, because the industry is not doing well currently.” Olude said.
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