RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

FG raises import tariff on rice, wheat, alcohol, others

Rate Captain by Rate Captain
April 30, 2023
in Economy
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Nigeria’s Federal Government has announced a review of the Import Adjustment Tax (IAT) as part of the implementation of Economic Community of West African States (ECOWAS) Common External Tariff (CET) 2022-2026, raising tariffs on importation of 189 items including rice, wheat, and alcohol.

According to the revised 2023 document, importation of rice packing of more than 5kg or in bulk and in packing of 5kg or less will now attract 60 percent tariffs, up from 50 percent in the previous ECOWAS CET. Similarly, importation of wheat or meslin flour will attract 70 percent tariffs, up from 50 percent in the previous ECOWAS CET.

AlsoRead

Controversy Takes Flight: Aviation Firms Slam Minister’s Rushed Plans for Nigeria Air.

Manufacturing Sector at Risk: Will Interest Rate Hike Fuel Nigeria’s Recession?

Telecom Operators Blame Communications Minister for Telecom Debt Crisis

In a document titled ‘Revised Import Adjustment Tax (IAT) for Implementation of ECOWAS CET (2022-2026), 2023 fiscal policy measures,” the Minister of Finance, Zainab Ahmed, stated that President Buhari has approved the implementation of the 2023 fiscal measures, which include Supplementary Protection Measures (SPMs) for the enforcement of the ECOWAS CET 2022-2026, and revised excise duty rate on alcoholic beverages, cigarettes, and tobacco products, as well as the introduction of excise duty on Single Use Plastics (SUPs).

The Common External Tariff is one of the principal instruments for harmonizing ECOWAS member states and strengthening its common market. It is the application of the same customs duties, import quotas, and preferences by a group of countries in a customs union. The said import duties, quotas, and preferences are applicable to goods entering the region of the customs union irrespective of the country of first entry of the goods.

“The national list consisting of items with import duty reduction to promote and stimulate growth in critical sectors of the economy shall continue to form Chapter 99 in the ECOWAS Common External Tariff to be implemented by Nigeria. The concessionary import duty under the new Chapter 99 will only be accessible to verifiable investors/manufacturers who require them as inputs for production,” the memo stated.

A grace period of 90 days, commencing from May 1, 2023, will be granted to all importers who had opened Form ‘M’ and must have entered into irrevocable trade agreements before the coming into effect of this circular to process and clear their goods at the prevailing duty rates. However, any new import transaction entered from May 1, 2023, will be subjected to the new import duty regime.

“The revised excise duty rate on alcoholic beverages and tobacco products in line with the existing excise regime implementation period shall take effect from June 1, 2023, and reviewed upwards in line with the new regime by June 1, 2024. The excise duty on Single Use Plastics (SUP) shall also take effect from June 1, 2023,” the memo added.

The review of the Import Adjustment Tax is expected to generate more revenue for the country and encourage local production of the affected items.

Previous Post

Bank deposits drops by N210bn in Q1

Next Post

CBN Debunks Reports It Plans to Phase Out Redesigned Naira Notes

Related News

Controversy Takes Flight: Aviation Firms Slam Minister’s Rushed Plans for Nigeria Air.

Controversy Takes Flight: Aviation Firms Slam Minister’s Rushed Plans for Nigeria Air.

by Rate Captain
May 26, 2023
0

The proposed national carrier, Nigeria Air, has become a topic of contention as domestic aviation firms, represented by the Airline...

Manufacturing Sector at Risk: Will Interest Rate Hike Fuel Nigeria’s Recession?

Manufacturing Sector at Risk: Will Interest Rate Hike Fuel Nigeria’s Recession?

by Rate Captain
May 26, 2023
0

The recent decision by the Central Bank of Nigeria (CBN) to raise the monetary policy rate (MPR) from 18 percent...

Telecom Operators Blame Communications Minister for Telecom Debt Crisis

Telecom Operators Blame Communications Minister for Telecom Debt Crisis

by Rate Captain
May 26, 2023
0

The telecommunications industry players have accused the Minister of Communications and Digital Economy, Prof. Isa Pantami, of being responsible for...

IMF Approves $3 Billion Bailout for Ghana, Boosting Investor Confidence.

IMF Urges Incoming Government to Boost Nigeria’s Revenue and Reduce Debt Dependency.

by Rate Captain
May 26, 2023
0

In a virtual forum discussing Nigeria's debt situation, the International Monetary Fund (IMF) has called upon the incoming government led...

Next Post
CBN approved only five banks to engage in the cash swap

CBN Debunks Reports It Plans to Phase Out Redesigned Naira Notes

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Nigeria’s Leading Crypto Marketplace Patricia Suffers Severe Security Breach

Nigeria’s Leading Crypto Marketplace Patricia Suffers Severe Security Breach

May 28, 2023
MTN Global Graduate Program Offers Exciting Opportunities for Young African Graduates

MTN Global Graduate Program Offers Exciting Opportunities for Young African Graduates

May 28, 2023

Popular Story

  • MTN Global Graduate Program Offers Exciting Opportunities for Young African Graduates

    MTN Global Graduate Program Offers Exciting Opportunities for Young African Graduates

    0 shares
    Share 0 Tweet 0
  • Nigeria’s Leading Crypto Marketplace Patricia Suffers Severe Security Breach

    0 shares
    Share 0 Tweet 0
  • University of Glasgow Offers Leadership Scholarships for International Students.

    0 shares
    Share 0 Tweet 0
  • Canada Expedites Family Reunification Process, Contrasting UK’s Immigration Policy

    0 shares
    Share 0 Tweet 0
  • Access Bank Invites Applications for 2023 Entry Level Trainee Program in Technology

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>