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Nigerians to pay more for beer as FG increases tax rate to N75 a litre
The Nigerian government has increased the excise duty rate on beer and stout by 87.50 percent to N75 per litre in 2023 from N40 per litre in 2022. Additionally, an ad valorem rate of 20 percent has been introduced on these products.
The new fiscal policy measures approved by President Muhammadu Buhari include supplementary protection measures, revised excise duty rates, and green taxes.
The new rates will come into effect on June 1, 2023, and will be revised upwardly by June 1, 2024.
However, stakeholders have raised concerns about the new policy, saying it will lead to illicit trade, capacity underutilisation, and layoffs in the industry.
Taiwo Oyedele, Africa tax leader at PricewaterhouseCoopers, has urged the government to focus on enabling policies for the industry instead of imposing additional tax burdens.
source; the cable
link;https://www.thecable.ng/nigerians-to-pay-more-for-beer-as-fg-increases-tax-rate-to-n75-a-litre
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