The Federal Government is set to implement excise duty on telecommunication services to boost its revenue base. It would be recalled that President Bola Tinubu, in July, signed an executive order suspending the implementation of a five per cent excise duty tax on telecoms services. “Full implementation of excise duty on Telecommunication Services in line with the presidential approval published in Official Gazette No. The Federal Government said, “The VAT projections over the medium-term are based on holding the rate at 7.5 per cent. Raising the VAT rate however remains a policy option for government to keep in view over the medium term.”Raising VAT rate may not be an immediate concern of the government as it said it would intensify efforts at improving VAT coverage and collection efficiency.

Source: Punch October 25, 2023 13:40 UTC