Nigeria’s Legislature: A friend or foe?

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

Recently, to the glooms of the consumers, the Nigerian Federal Executive Council (FEC) approved FG’s plan to increase Value Added Tax (VAT) rate from the current 5.0% to 7.5%, by 2020. This is to help the Federal Government (FG) shore up its weak revenue base. However, as President Buhari prepares to the present the 2020 finance bill to the National Assembly, news report has shown that the lawmakers are not in favour of the proposed VAT increment, saying it could inflict more hardship on Nigerians.

Nigeria’s Legislature: A friend or foe? - Brand Spur

Elsewhere, the lawmakers showed support for the proposed charge for communication services usage. This was as the Communication Service Tax (CST) bill of 9.0% passed its first reading at the Senate, last week. Thus, we ask “are the legislature really fighting for the interest of the masses?”

In our opinion, the proposed CST is expected to have a similar impact on consumers wallet, to the proposed increment in VAT. More so, communication and internet connection now ranks along with other physiological necessities such as food, clothing and shelter. Additionally, many individuals; micro and small businesses rely on data and telecommunications services for survival. In all, while we believe the FG needs to ramp up its revenue base by expanding its tax net, we do not believe introducing new types of tax will necessarily amount to more tax revenue for the government especially as citizens are yet to see the impact of the prior tax being paid.

Read Also:  Daimler reports second-quarter 2020 results
- Advertisement -

United Capital Research

- Advertisement -
Nigeria’s Legislature: A friend or foe? - Brand SpurNigeria’s Legislature: A friend or foe? - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Read Also:  Everything You Need to Know About the Presidential Fertiliser Initiative (PFI)

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nigeria’s Legislature: A friend or foe? - Brand SpurNigeria’s Legislature: A friend or foe? - Brand Spur

Latest News

Qatar Airways Touches Down for the First Time in Abuja, Nigeria

The airline will operate three weekly flights from Abuja via Lagos Passengers from Abuja can enjoy more flexible travel options...

Why the South African Rand is 2nd-best performing EM currency

Since the onset of the COVID-19 pandemic, foreign exchange markets experienced a whirlwind of volatility as movement restrictions and a weakened global trade weighed...

Weststar Increases Product Portfolio with Mercedes-Benz Axor

Weststar Associates Limited, Authorized General Distributor of Mercedes-Benz in Nigeria, has announced Mercedes-Benz Axor as its new offering for commercial vehicle fleet owners in...

Ellah Lakes announces a joint venture with Ondo State for the development of Oil Palm and Cassava Plantation

Lagos, November 27, 2020: Ellah Lakes Plc (Ellah Lakes) is happy to announce that it has executed an agreement with Ondo State Government for...

GOtv Nigeria: For the Love of Local Entertainment

In two days, a new cooking and lifestyle show will debut on GOtv, the digital terrestrial television platform from MultiChoice Nigeria. Titled 'Jollof With...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Nigeria’s Legislature: A friend or foe? - Brand SpurNigeria’s Legislature: A friend or foe? - Brand Spur