• Contact
Wednesday, February 8, 2023
  • Login
The African Business - News About African business
  • Home
  • EconomyNew
    Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

    Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

    Zimbabwe cuts world’s highest interest rate as inflation eases

    Zimbabwe cuts world’s highest interest rate as inflation eases

    Convergence Partners raises $296 million to drive digital inclusion across Africa

    Convergence Partners raises $296 million to drive digital inclusion across Africa

    Trending Tags

  • Business
    Shell oil tanker questioned over payment of losses and damages

    Shell oil tanker questioned over payment of losses and damages

    Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

    Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

    Richest African man building fourth cement plant in Nigeria

    Richest African man building fourth cement plant in Nigeria

    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa startups defy funding slump as debt financing fuels growth

    Africa startups defy funding slump as debt financing fuels growth

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Court told Anglo turned blind eye to Zambian lead poisoning

    Court told Anglo turned blind eye to Zambian lead poisoning

  • Finance
    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    Yellow Card expands payment feature across Africa

    Yellow Card expands payment feature across Africa

    Government starts payment of $674,5 trillion matured securities

    Government starts payment of $674,5M matured securities

    South African rand steady with investor focus on Fed minutes

    South African rand steady with investor focus on Fed minutes

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
  • Home
  • EconomyNew
    Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

    Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

    Zimbabwe cuts world’s highest interest rate as inflation eases

    Zimbabwe cuts world’s highest interest rate as inflation eases

    Convergence Partners raises $296 million to drive digital inclusion across Africa

    Convergence Partners raises $296 million to drive digital inclusion across Africa

    Trending Tags

  • Business
    Shell oil tanker questioned over payment of losses and damages

    Shell oil tanker questioned over payment of losses and damages

    Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

    Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

    Richest African man building fourth cement plant in Nigeria

    Richest African man building fourth cement plant in Nigeria

    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa startups defy funding slump as debt financing fuels growth

    Africa startups defy funding slump as debt financing fuels growth

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Court told Anglo turned blind eye to Zambian lead poisoning

    Court told Anglo turned blind eye to Zambian lead poisoning

  • Finance
    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    Yellow Card expands payment feature across Africa

    Yellow Card expands payment feature across Africa

    Government starts payment of $674,5 trillion matured securities

    Government starts payment of $674,5M matured securities

    South African rand steady with investor focus on Fed minutes

    South African rand steady with investor focus on Fed minutes

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
The African Business - News About African business
No Result
View All Result
Home Economy

Nigeria halts plans for new telecoms tax

Shares in MTN, the country’s biggest mobile provider, gained.

TAB by TAB
12/09/2022
in Economy
0
Nigeria halts plans for new telecoms tax
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

Nigeria halts plans for new telecoms tax

Nigeria suspended the implementation of a new telecommunications tax meant to help reduce the nation’s budget deficit that’s expected to hit a record next year.

Related posts

Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

03/02/2023
2
Zimbabwe cuts world’s highest interest rate as inflation eases

Zimbabwe cuts world’s highest interest rate as inflation eases

03/02/2023
1

The government set up a committee to review the 5% levy, which would have come into effect this year, Communications Minister Isa Pantami said in an emailed statement. It will make a decision on the tax after a report is issued. Shares in MTN, the country’s biggest mobile provider, gained.

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-gross domestic product 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 naira ($45.6 billion) for next year, with 63% of the spending plan to be funded through debt. The expected shortfall is about three times expected government revenue for the period and 5.5% of GDP, well above the 3% legal limit.

The new tax would have boosted government income, but added to the rising cost of operations in the mobile industry in Africa’s largest economy “which is already overburdened with a plethora of taxes totaling about 41 categories” imposed by both federal, state and local governments, said Pantami, who opposed the levy.

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.

The tax, if implemented, would apply to all voice calls, text messages, and data services in addition to an existing 7.5% value-added tax.

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%.

Telecom firms in Nigeria recorded $7.8 billion of revenue in 2021, according to data from the Nigerian Communications Commission.

MTN Ghana blamed a slowdown in mobile-money revenue on a similar tax introduced in that country earlier this year.

Nigeria halts plans for new telecoms tax

Source: Moneyweb
Previous Post

Shoprite steams ahead, with double-digit earnings and dividend growth

Next Post

Bboxx and Sunlight partner to connect over 1 million people to clean energy

Next Post
Bboxx and Sunlight partner to connect over 1 million people to clean energy

Bboxx and Sunlight partner to connect over 1 million people to clean energy

RECOMMENDED NEWS

Photovoltaic power plant in Angola’s Namibe undergoing tests

Photovoltaic power plant in Angola’s Namibe undergoing tests

4 weeks ago
1
No hiding place for Cape Verde’s Blue Sharks, Eagles vow

No hiding place for Cape Verde’s Blue Sharks, Eagles vow

1 year ago
1
Cheap finance “a thing of the past” in Africa, says consultancy

Cheap finance “a thing of the past” in Africa, says consultancy

7 months ago
5
Angola APIMA defends reduction of interest rate in real estate market

Angola APIMA defends reduction of interest rate in real estate market

5 months ago
6

BROWSE BY CATEGORIES

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Ads

Categories

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized
The African Business – News About African business

We bring you the best Premium news about African Business.

Follow us on social media:

Recent News

  • Zanzibar’s president is looking to make horticulture a significant part of his country’s economy
  • Shell oil tanker questioned over payment of losses and damages
  • Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

Category

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Legal Information

Terms and Conditions
Privacy Policy
Complaints Book

  • Contact

© 2021 The African Business

No Result
View All Result
  • Home
  • Economy
  • Business
  • Finance
  • Opinion
  • Lifestyle
  • Sports
  • Green Economy

© 2021 The African Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In