ARTICLE · 06 JUNE 2016

Nigeria's 2016 Budget On A Page

PwC Nigeria

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Get the highlights of the recently signed Budget (2016 Appropriation Act) of the Federal Government of Nigeria and the Medium Term Expenditure Framework (MTEF).

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Get the highlights of the recently signed Budget (2016 Appropriation Act) of the Federal Government of Nigeria and the Medium Term Expenditure Framework (MTEF).

Tax highlights:

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

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