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Taxes on products in the country rose to One point three-six trillion naira in the first six months of 2023 despite worsening hardship across the board.
This is a One hundred and thirteen point two-nine per cent increase from Six hundred and thirty-six one-nine billion naira it was in the first six months of 2021, and a twenty-five point zero-zero per cent increase from One point zero – nine trillion near it was in the corresponding period of 2022.
The figures were obtained from the National Bureau of Statistics data on Net Indirect Taxes on Products and are based on current basic prices.
According to the World Bank, net indirect taxes (taxes less subsidies on products) are the sum of product taxes less subsidies.
It stated that product taxes are taxes payable by producers as they relate to the production, sale, purchase, or use of the goods and services.
The country’s Gross Domestic Product grew by two point five-one per cent (year-on-year) in real terms in the second quarter of 2023
Peoplesmind
