Monday, June 18, 2018

NEW EXCISE DUTY RATES TO HELP GROWTH – FEDERAL GOVERNMENT

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The Federal Government has dismissed claims that its new excise duty rates on alcoholic beverages and tobacco were targeted at local manufacturers.

                                                                                                                             

The Federal Ministry of Finance explained that the new excise duty rates approved by President Muhammadu Buhari, which came into effect from Monday, 4th June, 2018, were meant to achieve the dual benefit of raising revenue to support growth and reducing the health hazards associated with tobacco-related diseases and alcohol abuse.

 

A statement from the Finance Ministry, which was signed by the Director of Information, Hassan Dodo, noted that there is currently a sixty percent duty rate imposed on imported alcoholic beverages and tobacco as part of measures by the Government to encourage local production and protect the local manufacturing industry.

 

Dodo said other locally excisable products such as non-alcoholic beverages, cosmetics, perfumes, corrugated papers or paper boards and cartons have no excise duties.

 

The official said the approved excise duty rates followed all-encompassing engagements with key industry stakeholders by the Tariff Technical Committee, of which Manufacturers Association of Nigeria is a member.

 

He said the Federal Government remains committed to the industrialization agenda and shall continue to put in place fiscal policy measures to protect local manufacturers and stimulate the growth of the economy.

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