New Excise Duty Rates for Alcoholic Beverages and Tobacco Products Takes Effect Today


Monday, June 04, 2018 /06:04 PM / News 

The new excise duty rates approved by President Muhammadu Buhari for alcoholic beverages and tobacco products take effect starting today, Monday June 4, 2018, the Federal Ministry of Finance has stated. 

The amendment to the excise duty rates was approved by the President in March 2018 and a grace period of 90 days was also granted to all manufacturers before the commencement of the new excise duty regime. 

The new excise duty rates will be spread over a three-year period from 2018 to 2020 in order to moderate the impact on prices of the products while 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.

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Related News

1.       President Buhari Approves Amendment to Excise Duty Rates on Alcohol,Tobacco

2.      Increase in Excise Duty on Tobacco and Alcoholic Beverages

3.      All about the Revolutionary Tax 247 App by PwC Nigeria

4.      N269.79bn Generated as VAT in Q1 2018 - NBS

5.      Nigeria’s New Excise Regime: Is this the Right Time?

6.      President Buhari Extends VAIDS Deadline to June 30

7.      Role of the National Tax Policy in Evolving a Robust Tax System

8.     VAIDS: FG Reviews States, Private Sector’s Pleas for Extension of Deadline

9.      A Case For A More Robust Approach To Boosting Nigeria’s Tax Revenues


Related News