Wednesday, April 10, 2019

Parliament in Nigeria proposes tax rise on luxury goods

Nigeria’s parliament has asked the government to consider increasing taxes on luxury goods to boost revenues, it said on Tuesday.

An expenditure plan approved by the Senate on Tuesday showed Nigeria is expected to generate 172.47 billion naira ($564 mln) from privatisation proceeds this year.

The budget deficit for 2019 is estimated at 1.86 trillion naira ($6.1 bln), according to the plan. Lawmakers said the deficit would covered via borrowing, privatisation proceeds and loans secured for specific projects.


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