Federal Government has proposed a new tax bill aimed at transforming the country’s tax framework.
Dated October 4, 2024, the legislation introduces a 5% excise duty on various sectors.
The new excise duty applies to telecommunications services, including postpaid and prepaid services, as well as gaming, gambling, lotteries, and betting.
Currency transactions will also incur excise duty on the difference between the Central Bank of Nigeria’s rate and the actual transaction rate.
This move aims to enhance non-oil revenue and expand the government’s revenue base, leveraging growth in telecoms and betting sectors. It also seeks to align currency exchanges with official CBN rates.
The proposal has garnered mixed reactions, with concerns about increased financial burdens on citizens and potential economic benefits.
