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BREAKING NEWS: President Bola Tinubu has removed the 5 per cent excise duty on telecommunications services in the new tax laws, a move expected to ease cost pressures on subscribers. pic.twitter.com/jphXlvvb7c
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BREAKING NEWS: President Bola Tinubu has removed the 5 per cent excise duty on telecommunications services in the new tax laws
In a significant move, President Bola Tinubu has announced the removal of the 5 per cent excise duty on telecommunications services as part of the new tax laws. This decision is a game-changer for millions of subscribers in Nigeria, as it aims to alleviate the financial burden many have faced due to increasing service costs.
The excise duty on telecommunications was initially introduced to boost government revenue, but it has often been criticized for placing additional financial pressure on consumers. With this latest announcement, the government is signaling its commitment to fostering a more affordable communication landscape.
A move expected to ease cost pressures on subscribers
By eliminating this excise duty, the government is prioritizing the needs of everyday Nigerians. The telecommunications sector has been a vital lifeline for communication, especially during the pandemic. Many people rely on these services for work, education, and staying connected with loved ones. Consequently, reducing the costs associated with these services can have a ripple effect, improving access and enhancing the overall quality of life for citizens.
This decision aligns with broader efforts to stimulate economic growth and create a more favorable business environment. As telecommunications companies can now pass on these savings to consumers, we can expect to see a reduction in monthly bills, making services more accessible to all.
For those interested in further details, you can check out the original announcement on Twitter.
Overall, this bold step by President Tinubu is a welcome development for subscribers across Nigeria, paving the way for a more affordable and connected future.