Saturday, November 27, 2021

New Alcoholic Drinks And Tobacco Excise Duty Takes Effect From Today

The newly introduced excise duty for alcoholic beverages and tobacco earlier approved by President Muhammadu Buhari will take effect from today, Monday, June 4, 2018. READ the early approval post HERE

Kemi Adeosun, the Minister of Finance, in March announced that Buhari had granted a grace period of 90 days to manufacturers of the products.

The Minister said the new excise duty rates would spread over a three-year period from 2018 to 2020 in order to moderate the impact on prices of the products.
According to her, the upward review of the excise duty rates for alcoholic beverages and tobacco was to raise the government’s fiscal revenues.

Adeosun said that it would also reduce the health hazards associated with tobacco-related diseases and alcohol abuse.

Adeosun said the new duty rate on tobacco was a combination of the existing ad-valorem base rate and specific rate while the ad-valorem rate was replaced with a specific rate for alcoholic beverages.

Related Articles

- Advertisement -spot_img

Latest Articles

%d bloggers like this: