Controversy Trails New Tax Policy On Beer - Latest News
This fiscal policy measures for 2023 and signed by Zainab Ahmed, the minister of Finance, Budget and National Planning as part of its annual policy with focus on protecting home-made goods, create provision for excise on green taxes as well as to ensure that the Economic Community of West African States treaty, which Nigeria is a signatory to, is equally implemented.
The policy added that N75 per litre will be charged on “beer and stout including all alcoholic beverages and beer not made from malt – whether fermented or not” in 2023, adding that this new excise duty on beer and stout will be increased to N100 per litre in 2024. Reacting, the Fiscal Policy Partner and Africa Tax Leader at PwC Nigeria, Taiwo Oyedele, described it as the president’s parting gift to Nigerians while suggesting that the newly introduced 2023 Fiscal Policy Measures and Tariff Adjustments surfaced at an inappropriate time considering how unstable the economy has been in recent times.
Oyedele revealed that some of these increases were as high as 90-95%, noting that, government’s decision to top up the increase was uncalled for, regarding the fact that, food beverages and tobacco, are the largest sub-sector within the manufacturing, accounting to 40% and over the past 7 years, the average growth rate has been about 2%.
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