Business Drive

The Federal Government has announced the removal of its proposed five per cent excise duty on telecommunication services. The Minister of Communications and Digital Economy, Isa Pantami, Pantami, says Muhammadu Buhari, has approved the exemption of the digital economy sector from the five per cent excise duty to be paid and this is because of the strength of the argument presented to him by the Committee that additional burden on telecom sector will increase the sufferings of Nigerians and that other sectors that are not making as much contribution to the economy should be challenged to do more and pay the five per cent excise duty. Pantami stated that the telecoms sector was already paying 41 categories of taxes, levies, and charges. He noted that the tax exemption will be upheld by the incoming administration.