Get the highlights of the recently signed Budget (2016 Appropriation Act) of the Federal Government of Nigeria and the Medium Term Expenditure Framework (MTEF).
- No proposal or indications to increase tax rates or impose new taxes in 2016
- The budget speech was silent on the proposals by the National Assembly to introduce a National Security Tax and Communication Service Tax as well as the proposed increase in Tertiary Education Tax (TET) by the TET Fund
- Government is however focused on measures to increase the tax base and overall compliance rate in the country
- Luxury tax is expected to generate NGN15billion but no disclosure of measures to implement
- Smaller businesses are to enjoy reduced tax rate but details yet to be provided
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.