FINANCE BILL: FG Eyes More Taxes, Fewer Incentives In 2023


By Munachimso Obienyi

The Federal Government plans to introduce more sin taxes and cut down on tax incentives in 2023 through the proposed 2022 Finance Bill.

This was according to a copy of the public presentation of the 2023 proposed budget by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, released recently.

NwafoLive learnt that in the document, the minister disclosed that the sin taxes would be introduced to fund critical healthcare in the country.

The document read in part, “Finance Bill, 2022 will propose specific sin taxes to fund critical Healthcare Investments.”

According to Investopedia, a sin tax is levied on specific goods and services that are considered harmful or costly to society. Such goods and services include tobacco products, alcohol, and gambling ventures.

Sin taxes are introduced to deter people from engaging in socially harmful activities and behavior while providing revenue to the government.

Earlier, the Federal Government, through the Budget Office of the Federation, had revealed that it would begin the implementation of its proposed excise duties on telecommunication services and beverages in 2023.

However, the Minister of Communications and Digital Economy, Prof Isa Pantami, kicked against the tax on telecommunication services, which led to its suspension.

Leave your vote

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.