As most Nigerians in the diaspora have been engrossed with what has been happening with their local politics: In the USA, Impeachment proceedings on President Trump and in the UK the Brexit drama, here is what has happened in Nigeria the past 30 days!
1. VAT increased from 5% to 7.5%.
2. Amid a depressed economy comes the advent of the Withdrawal Tax (a push towards a cashless society) of 3% for individuals on withdrawals over N500,000.00 and 5% for corporate bodies.
3. Deposit Tax of 2% for individuals and 3% for corporate bodies.
4. N50.00 Stamp Duty on POS transactions above N1,000.00
5. Toll Gates to be re-introduced in all federal roads to collect toll taxes from motorists across the country.
6. Fresh 9% tax on GSM and Cable TV subscribers. That is; if you buy MTN airtime of N1,000 as an example, you will pay N90 as tax. If you pay your monthly DSTV subscription of N4,000.00 as an example you will pay N360 as Tax.
In most countries these taxes will be seen as positive developments because there will be clear plans of what will be done with the revenues generated from these new taxes. In Naija where everyone knows that the system is rife with endemic corruption and misappropriation of funds, an economy that has shrunken since the current administration came into power in 2015. All we can say at this point is Nigeria we hail thee! And it shall be well.
