Excise Duty Rate On Alcoholic Beverages Takes Effect This Monday

Enterprise Television- Excise Duty Rate On Alcoholic Beverages Takes Effect This Monday

Nigeria’s Minister of Finance, Kemi Adeosun, says that President Muhammadu Buhari’s approved duty rate in March on alcoholic beverages and tobacco consumers to pay more for the products will take effect from today.

The excise duty rate for alcoholic beverages cuts across beer and stout, wines and spirits for the period 2018 to 2020.

She explained 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.

She noted that the new excise duty regime followed all-inclusive stakeholder engagements by the Tariff Technical Committee of the Federal Ministry of Finance with key industry stakeholders.

She further 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.

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