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Home » FG Suspends 5% Excise Duty On Digital Economy Sector
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FG Suspends 5% Excise Duty On Digital Economy Sector

mmBy Rommy Imah6 September 2022No Comments2 Mins Read3 Views
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The Federal Government of Nigeria has announced the suspension of the 5 per cent Excise Duty on the Digital Economy sector, Digital TimesNG can authoritatively report.

Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim (Pantami) who announced this on Monday, said the development followed the approval of the suspension by the President, Muhammadu Buhari.

Recall that the minister had opposed the implementation of the tax and had until the eventual suspension on Monday, championed the opposition against its imposition on the Digital Economy sector.

In the same vein, the Minister has announced the approval of the Presidential Committee on the review of excise duty for the sector.

The committee was inaugurated by Pantami on behalf of President Buhari.

The Presidential Committee is to be chaired by Minister of Communications and Digital Economy, Prof. Pantami.

Other members of the committee include the Minister of Finance Budget and National Planning; the Chairman, Federal Inland Revenue Service (FIRS); the Executive Vice Chairman of the NCC; and Representatives of Mobile Network Operators.

Recall that the federal government in its efforts to shore up revenue to fund the national budget in the face of dwindling revenue recently imposed a five per cent excise duty on telecommunications services.

However, Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim (Pantami) in a swift reaction to the Federal Government’s decision vowed to ensure that the decision was reversed.

“Beyond making our position known today, we will go behind the scene and go against any policy that will destroy the digital economy sector. This is a sector we cherish so much and we are ready to go to any extent, legitimately and legally to defend its interest,” the Minister had hinted at the maiden edition of the Nigerian Telecommunications Indigenous Content Expo held in Lagos early August.

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“We have not been contacted officially. If we were, we would have pleaded our case. As a minister and based on the provision of the constitution of Nigeria, on Section 148, we are exercising the power of Mr. President.

“When VAT was increased to 7.5 per cent, I was not consulted, I only heard the announcement and I think there is something questionable about the process. The same page with our national assembly members; they too were not consulted despite the fact that they are part of the committee,” the Minister further revealed.

#5% Excise Duty #Digital Economy Sector #Telecom services Featured FG Pantami Suspension
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Rommy Imah
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Rommy Imah is Founder/Editor of Digital Times Nigeria (www.digitaltimesng.com). He has been in active journalism in over two decades with a bias for technology and business reporting. He is particularly passionate about technology and how it can be used to transform human life, businesses and services.

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