| Fiscal Policy |    1195 VIEWS  |
| Fiscal Policy | |
| 1195 VIEWS | |
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Wednesday, September 9, 2020 / 10:00 AM
/ By Deloitte / Header Image Credit: Techcabal
The Federal Government of Nigeria (FGN) has re-introduced an ad-valorem
excise structure to spirits and wines. With this introduction, excise duty on
spirits, wines and cigarettes will now be based on both ad-valorem and specific
excise structures. The FGN has also recalibrated the specific excise structure
for levying excise duty on other tobacco-based products, to ensure that these
products are effectively brought into the excise net.
The revisions were communicated in a circular signed by the
Honourable Minister of Finance, Budget and National Planning, and dated 20
August 2020 ('the Circular'). The revisions, which will take effect immediately
and supersede the circulars of 6 March 2018 and 7 February 2019, are in
accordance with the Customs, Excise Tariff, Etc. (Consolidation) Act ('CETA'),
which empower the President to impose, vary or remove any import duty or modify
the schedules to CETA.
In a similar development (as contained in the Circular), the FGN
has waived import duty on certain inputs used for the production of banknotes
by the Nigeria Security Printing and Minting Plc.
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