FG Proposes 5% Excise Duty on Telecoms, Gaming, and Betting

The Nigerian Federal Government has proposed a five per cent excise duty on telecommunications services, gaming, and betting as part of a new bill aimed at reforming the nation’s tax system. The bill, titled “Nigeria Tax Act,” seeks to consolidate legal frameworks on taxation and introduce excise duties on sectors such as telecoms, gaming, and lotteries.

Additionally, the bill targets currency exchanges, imposing taxes on discrepancies between actual transaction rates and Central Bank of Nigeria rates. This move aims to increase non-oil revenue for the country.