Nigeria suspended the implementation of a new telecommunications tax meant to help reduce the nation’s budget deficit.
implementation of a new telecommunications tax meant to help reduce the nation’s budget deficit that’s expected to hit a record next year.
Africa’s biggest oil producer is looking for ways to boost income amid falling crude production, rising fuel subsidy costs and low revenue. The country has one of the lowest tax-to-GDP ratios in the world, at 6% in 2019, according to the Organisation for Economic Co-operation & Development.The government this month proposed a budget of ₦19.8-trillion for next year, with 63% of the spending plan to be funded through debt.
Excessive taxation has been the biggest challenge faced by Nigeria’s mobile industry, the minister said. “It is unfair to overburden such a sector that is so central to the nation’s growth and development,” he added. Mobile phone operators led by MTN’s Nigerian unit and billionaire Sunil Mittal-backed Airtel Africa control more than half of Nigeria’s mobile market. Both firms’ share prices remained unchanged in early morning trading on the Nigerian Stock Exchange, while in South Africa, parent MTN advanced as much as 3.7%.
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