The federal government has increased the excise duty rate on alcoholic beverages by 114.29 percent, from N140 per litre in 2022 to N300 per litre in 2023
Excise duty is a form of tax imposed on the production, licensing, and sale of goods.include supplementary protection measures , revised excise duty rates, and green taxes.According to a recent circular signed by Zainab Ahmed, minister of finance, budget, and national planning, the 2023 policy measures will replace the 2022 FPMs.
The revised excise duty rates are additional taxes imposed on alcoholic beverages, cigarettes, and tobacco products. According to the circular, the government also imposed an ad valorem rate of 30 percent on alcoholic wines in 2023, compared to 20 percent in 2022; and a specific excise duty rate of NOn spirits the ad valorem rate rose to 30 percent in 2023, from 20 percent in 2022.The actual excise duty rate on spirits also increased to N150 a litre in 2023 — a 200 percent hike from N50 per litre in 2022.This represents a 114.29 percent surge from N140 a litre in 2022.
According to the government, the new rates will take effect from June 1, 2023, and will be revised upwardly by June 1, 2024, in tandem with the current implementation period.Meanwhile, stakeholders have called the government’s attention to flaws in the new 2023 fiscal policy guidelines.the new FPMs will likely cause illicit trade, capacity underutilisation, and layoffs in the industry.
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