New Excise Duty Not For Made-in-Nigeria Alcoholic Beverages, Tobacco- FG

New Excise Duty Not For Made-in-Nigeria Alcoholic Beverages, Tobacco- FG

SHARE:

Post Views: 175 Contrary to media reports, Nigeria’s Federal Ministry of Finance said the new excise duty rates on alcoholic beverages and tobacco, wh...

It’s A Lie! FG Hasn’t Presented Any Request For Payment To Oil Marketers- Senate
Christmas: Nigeria May Shut Land Borders Over Rice, Poultry Smuggling
IMF Executive Director Visits Adeosun In Abuja

Contrary to media reports, Nigeria’s Federal Ministry of Finance said the new excise duty rates on alcoholic beverages and tobacco, which became effective on June 4, 2018, as approved by President Muhammadu Buhari were not aimed at local manufacturers.
The new excise regime seeks to achieve a dual benefit of raising the Government’s revenues to support the nation’s growth and reducing the health hazards associated with tobacco-related diseases and alcohol abuse.
A statement by Hassan Dodo, Director of Information at the Ministry, said “contrary to claims that the rates were selectively imposed on local manufacturers, there is currently a 60% duty rate imposed on imported alcoholic beverages and tobacco as part of measures by the government to encourage local production and protect local manufacturing industry. It should also be noted that beer and stout are currently under import prohibition to protect the industry from unfair competition from foreign brands.”
Also, Dodo assured that “other locally excisable products such as non-alcoholic beverages, cosmetics, perfumes, corrugated papers or paper boards and cartons have no excise duties.
“We wish to clarify that the approved excise duty rates followed all-encompassing engagements with key industry stakeholders by the Tariff Technical Committee (TTC), of which Manufacturers Association of Nigeria (MAN) is a member. The stakeholders’ engagements contributed to the final recommendation,” the statement added, expressing the government’s commitment to the national industrialization agenda.
Government, he noted, shall continue to put in place fiscal policy measures to protect local manufacturers and stimulate the growth of the economy.

COMMENTS

WORDPRESS: 0
DISQUS: 0