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

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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.


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Proshare Nigeria Pvt. Ltd.


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