Stella Dimoko Korkus.com: Consumers To Pay More For Cigarettes And Alcohol

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Monday, March 12, 2018

Consumers To Pay More For Cigarettes And Alcohol

President Muhammadu Buhari has approved an amendment to the excise duty rates for alcoholic beverages and tobacco with effect from Monday, 4th June, 2018.



The President has also granted a grace period of 90 days (three months) to all manufacturers before the commencement of the new excise duty regime. There is, however, no increase in excise duty of other locally excisable products.


Minister of Finance, Mrs. Kemi Adeosun, who made this known on Sunday in Abuja, stated 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.


According to her, the upward review of the excise duty rates for alcoholic beverages and tobacco was to achieve a dual benefit of raising the Government’s fiscal revenues and reducing the health hazards associated with tobacco-related diseases and alcohol abuse. The Minister added that the new excise duty regimes are in line with the Economic Community of West African States (ECOWAS) directive on the harmonisation of member-states’ legislations on excise duties.
From Daily Post

11 comments:

  1. This one does not concern me. I neither drink nor smoke

    ReplyDelete
  2. Better.. the health risks associated with excessive alcohol intake and cigarette smoking are even too serious. This move will help regulate their intake.
    In other news, please who remembers an old song that has this lyrics "cos the way you dey make I dey wonder, if your booty was given by your mother.. e be like say you no know say your body super......... "(something like that sha).. I've tried searching on Google.. no way!
    I wish I had a camera.. I love photography.. plus I also wish I had a treadmill. it's risky going out to jog before 6am in this part of the country..


    ©student_bv

    ReplyDelete
  3. Very good... especially cigarettes and spirits. But they should free Redwines and champagnes and make them cheaper!😀

    ReplyDelete
    Replies
    1. If only you know how many people will loose their jobs because of this useless excise duties.

      Delete
  4. Is that the present problem Nigeria has right now?

    What about those with plenty cars when are they going to start taxing them I.e the Senate,governors etc

    ReplyDelete
  5. Nigeria i hail thee! Healthcare isn't free yet you are increasing the tax on these goods. So alcohol that makes living in nigeria bearable is now expensive! How are people to forget their corruption induced poverty?

    ReplyDelete
  6. Islamisation agenda in top gear!

    ReplyDelete
  7. Cigarettes is expensive everywhere but in Nigeria. Since I smoke, its left to me to buy or not to buy. If I can buy a pack at $7.35 abroad, I dont see any sweat in paying a few hundred Nairas more here in Naija. My brand has actually been selling at N50 increase since 3 weeks now and I am still buying.

    ReplyDelete

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