Buhari Approves New Excise Duty Rates For Alcoholic Drinks, Tobacco
*Buhari Approves New Excise Duty Rates For Alcoholic Drinks, Tobacco*
President Muhammadu Buhari has approved an amendment to the excise duty rates for alcoholic beverages and tobacco with effect from Monday, June 4, 2018. The President also granted a grace period of 90 days (three months) to all manufacturers before the commencement of the new excise duty regime.
Minister of Finance, Mrs Kemi Adeosun, who revealed this on Sunday in Abuja, however, said there was no increase in excise duty of other locally excisable products. She explained that the new excise duty rates were spread over a three-year period from 2018 to 2020, in order to moderate the impact on prices of the products.
The Minister disclosed that the new excise duty regimes followed all-inclusive stakeholder engagements by the Tariff Technical Committee of the Federal Ministry of Finance with key industry stakeholders.
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