Nigeria Customs Service In line with the Federal Government's Approval of the new 2023 Fiscal Policy on Single Use Plastics (SPU), and alcoholic drinks, the Lagos Industrial Command of the Nigeria Customs Service hosted excise traders to sensitize them on the implementation process.
According to the Customs Area Controller of the Command, Comptroller Queen Ogbudu, before the plastic regime, what they had was duties on carbonated drinks which had a specific rate of N10 per litre.
She added that some alcoholic duties had been increased. Stout and beer factories were paying N40 per litre, but now they are to pay 20 per cent Ad Valorem and N75 per litre (specific rate of duty).
She pointed out that companies that produce alcoholic beverages like brandy, rum, vodka, and whisky had 30 per cent Ad Valorem, and a specific rate of N150.
The CAC also explained that letters have been issued to all concerned companies, and the required feedback has been gotten. "We are aware that those of them coming under this regime for the first time will find it difficult to adapt, but as the saying goes, nothing good comes easy." She said.
Comptroller Queen disclosed that 29 companies have been found not under excise control.
She, therefore, urged the stakeholders and general public to report such duty evaders to the Nigeria Customs Service, as a surveillance team has been set up under her watch, and defaulters will face severe sanctions
"The duty evaders will make more profit, sell their products cheaper and outrun the obedient ones, chasing them away from the market. Please feel free to report them. We are working together for good, for the benefit of our great country." Queen added.
She informed them also that, the new policy will take effect from June 2023 and beaconed on them to be conscious of a safer environment in line with global standards.
The Latin phrase ad valorem means "according to value." In simpler terms, ad valorem taxes are based on the assessed value of the items being taxed.
Category: World-News
Tag: Nigeria Customs Service single use plastic new excise duty rates
Written by Omooba Alekuwodo (omoobaalekuwodo)
Published 6/10/2023 9:17:25 AM