Ifeanyi Onuba, Abuja
The Federal Government has approved an amendment to the excise duty rates for alcoholic beverages and tobacco products.
The approval, according to the Minister of Finance, Mrs. Kemi Adeosun, was given by President Muhammadu Buhari, and would take effect from Monday, June 4, 2018.
Adeosun, in a statement issued on Sunday in Abuja, said the President had also granted a grace period of 90 days (three months) to all local manufacturers before the commencement of the new excise duty regime.
However, she stated that there would be no increase in excise duty of other locally produced goods.
Adeosun stated that the new excise duty rates were spread over a three-year period from 2018 to 2020 in order to moderate the impact on prices of the products.
Under the newly approved excise duty rates for tobacco in addition to the 20 per cent ad-valorem rate, each stick of…
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