Welcome to Street Journal Forum, Our motto is "We Disagree To Agree", you can have an open discussion here on anything, you can respond to Topics freely. Upload pictures you want to share and please invite your friends!

Excise duty: Cigarettes, alcohol to cost more

We Disagree To Agree.....Let discuss everything!
Wsj
Posts: 28677
Joined: Fri Apr 15, 2016 8:31 pm

Excise duty: Cigarettes, alcohol to cost more

Unread postby Wsj » Mon Mar 12, 2018 1:04 pm

Smokers have got some bad news- lighting up will cost. Also to pay more are alcoholic drinks consumers.

President Muhammadu Buhari has approved an amendment to the excise duty rates for alcoholic beverages and tobacco with effect from June 4.

Finance Minister Kemi Adeosun broke the news yesterday in a statement by her media aide Oluyinka Akintunde.

She said the new excise duty rates were spread over a three-year period from 2018 to 2020 to moderate the impact on prices of the products.



The minister added that Buhari granted a grace period of 90 days to manufacturers.

She said the new excise duty regimes was decided at an all-inclusive stakeholder engagements by the Tariff Technical Committee of the Federal Ministry of Finance with key industry stakeholders.

Mrs. Adeosun said: “The Tariff Technical Committee (TCC) recommended the slight adjustment in the excise duty charges after cautious considerations of the government’s Fiscal Policy Measures for 2018 and the reports of the World Bank and the International Monetary Fund Technical Assistance Mission on Nigeria’s Fiscal Policy.

“The effect of the excise duty rates adjustment on trade and investment was also assessed by the Federal Ministry of Trade and Investment and it adopted the recommendations of the TTC.

“Peer country comparisons were also carried out showing Nigeria as being behind the curve in the review of excise duty rates on alcoholic beverages and tobacco.”

Mrs. Adeosun said the new excise duty rate on tobacco was a combination of the existing ad-valorem base rate and specific rate while the ad-valorem rate was replaced with a specific rate for alcoholic beverages.



“For alcoholic beverages, the current ad-valorem rate will be replaced with specific rates and spread over three years to moderate the impact on prices. This will curb the discretion in the Unit Cost Analysis (UCA) for determining the ad-valorem rate and prevent revenue leakages.

“For tobacco, the government will maintain the current ad-valorem rate of 20 per cent and introduce additional specific rates with the implementation to be spread over a three-year period to also reasonably reduce the impact on prices,” she said.

Under the newly approved excise duty rates for tobacco in addition to the 20 per cent ad-valorem rate, each stick of cigarette will attract a N1 specific rate per stick (N20 per pack of 20 sticks) in 2018, N2 specific rate per stick (N40 per pack of 20 sticks) in 2019 and N2.90k specific rate per stick (N58 per pack of 20 sticks) in 2020.

The minister explained that Nigeria’s cumulative specific excise duty rate for tobacco was 23.2 per cent of the price of the most sold brand, as against 38.14 per cent in Algeria, 36.52 per cent in South Africa and 30 per cent in Gambia.

The new specific excise duty rate for alcoholic beverages cuts across Beer & Stout, Wines and Spirits for the three years 2018 to 2020.

Under the new regime, Beer & Stout would attract N0.30k per centiliter (Cl) in 2018 and N0.35k per Cl each in 2019 and 2020.

Wines will attract N1.25k per Cl in 2018 and N1.50k per Cl each in 2019 and 2020, while N1.50k per Cl was approved for Spirits in 2018, N1.75k per Cl in 2019 and N2.00k per Cl in 2020.


credit: the nation
Attachments
KEMI-ADEOSUN-MRS-ACCOUNTANT-MINISTER-OF-FINANCE-2015-3-891x470.jpg


vanhealn
Posts: 21965
Joined: Mon Jul 30, 2018 1:42 pm

Re: Excise duty: Cigarettes, alcohol to cost more

Unread postby vanhealn » Sat Sep 22, 2018 9:19 pm

audiobookkeeper.rucottagenet.rueyesvision.rueyesvisions.comkinozones.rulaserlens.rumedinfobooks.rump3lists.ruspicetrade.ruspysale.rustungun.rulargeheart.ru
lasercalibration.rulaserpulse.rulaterevent.rulatrinesergeant.rulayabout.ruleadcoating.ruleadingfirm.rulearningcurve.ruleaveword.rumachinesensible.rumagneticequator.rumagnetotelluricfield.ru
mailinghouse.rumajorconcern.rumammasdarling.rumanagerialstaff.rumanipulatinghand.rumanualchoke.runameresolution.runaphtheneseries.runarrowmouthed.runationalcensus.runaturalfunctor.runavelseed.ru
neatplaster.runecroticcaries.runegativefibration.runeighbouringrights.ruobjectmodule.ruobservationballoon.ruobstructivepatent.ruoceanmining.ruoctupolephonon.ruofflinesystem.ruoffsetholder.ruolibanumresinoid.ru
onesticket.rupackedspheres.rupagingterminal.rupalatinebones.rupalmberry.rupapercoating.ruparaconvexgroup.ruparasolmonoplane.ruparkingbrake.rupartfamily.rupartialmajorant.ruquadrupleworm.ru
qualitybooster.ruquasimoney.ruquenchedspark.ruquodrecuperet.rurabbetledge.ruradialchaser.ruradiationestimator.rurailwaybridge.rurandomcoloration.rurapidgrowth.rurattlesnakemaster.rureachthroughregion.ru
readingmagnifier.rurearchain.rurecessioncone.rurecordedassignment.rurectifiersubstation.ruredemptionvalue.rureducingflange.rureferenceantigen.ruregeneratedprotein.rureinvestmentplan.rusafedrilling.rusagprofile.ru
salestypelease.rusamplinginterval.rusatellitehydrology.ruscarcecommodity.ruscrapermat.ruscrewingunit.ruseawaterpump.rusecondaryblock.rusecularclergy.ruseismicefficiency.ruselectivediffuser.rusemiasphalticflux.ru
semifinishmachining.rutacticaldiameter.rutailstockcenter.rutamecurve.rutapecorrection.rutappingchuck.rutaskreasoning.rutechnicalgrade.rutelangiectaticlipoma.rutelescopicdamper.rutemperateclimate.rutemperedmeasure.ru
tenementbuilding.ruultramaficrock.ruultraviolettesting.rujobstress.rujogformation.rujointcapsule.rujointsealingmaterial.rujournallubricator.rujuicecatcher.rujunctionofchannels.rujusticiablehomicide.rujuxtapositiontwin.ru
kaposidisease.rukeepagoodoffing.rukeepsmthinhand.rukentishglory.rukerbweight.rukerrrotation.rukeymanassurance.rukeyserum.rukickplate.rukillthefattedcalf.rukilowattsecond.rukingweakfish.ru
kleinbottle.rukneejoint.ruknifesethouse.ruknockonatom.ruknowledgestate.rukondoferromagnet.rulabeledgraph.rulaborracket.rulabourearnings.rulabourleasing.rulaburnumtree.rulacingcourse.ru
lacrimalpoint.rulactogenicfactor.rulacunarycoefficient.ruladletreatediron.rulaggingload.rulaissezaller.rulambdatransition.rulaminatedmaterial.rulammasshoot.rulamphouse.rulancecorporal.rulancingdie.ru
landingdoor.rulandmarksensor.rulandreform.rulanduseratio.rulanguagelaboratory.rufactoringfee.rufilmzones.rugadwall.rugaffertape.rugageboard.rugagrule.rugallduct.ru
galvanometric.rugangforeman.rugangwayplatform.rugarbagechute.rugardeningleave.rugascautery.rugashbucket.rugasreturn.rugatedsweep.rugaugemodel.rugaussianfilter.rugearpitchdiameter.ru
geartreating.rugeneralizedanalysis.rugeneralprovisions.rugeophysicalprobe.rugeriatricnurse.rugetintoaflap.rugetthebounce.ruhabeascorpus.ruhabituate.ruhackedbolt.ruhackworker.ruhadronicannihilation.ru
haemagglutinin.ruhailsquall.ruhairysphere.ruhalforderfringe.ruhalfsiblings.ruhallofresidence.ruhaltstate.ruhandcoding.ruhandportedhead.ruhandradar.ruhandsfreetelephone.ruhangonpart.ru
haphazardwinding.ruhardalloyteeth.ruhardasiron.ruhardenedconcrete.ruharmonicinteraction.ruhartlaubgoose.ruhatchholddown.ruhaveafinetime.ruhazardousatmosphere.ruheadregulator.ruheartofgold.ruheatageingresistance.ru
heatinggas.ruheavydutymetalcutting.rujacketedwall.rujapanesecedar.rujibtypecrane.rujobabandonment.ru

Return to “Enter forum disscussion”

Who is online

Registered users: Google [Bot], Majestic-12 [Bot], Mattheval, vanhealn

Disclaimer: Opinions expressed in comments are those of the comment writers alone and does not reflect or represent the Publisher's views.

Login · Register

In total there are 35 users online :: 4 registered, 0 hidden and 31 guests
Registered users: Google [Bot], Majestic-12 [Bot], Mattheval, vanhealn
Most users ever online was 118 on Sun Sep 23, 2018 9:29 am
Total posts 63671
Total topics 29041
Total members 2048
Our newest member IvaSeppe
No birthdays today