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With about a month to the end of his tenure, President Muhammadu Buhari has introduced additional taxes as his parting gift to Nigerians after eight years in office
The president who began his second term in 2015 will handover on May 29, 2023 to the president- elect, Bola Tinubu.
The Federal Government introduced new Fiscal Policy Measures (FPM) for 2023 in a Circular dated 20 April 2023 signed by Zainab Ahmed, Minister of Finance, Budget and National Planning.
The circular is with reference number, HMFBNP/MDAs/CIRCULAR/2023FP//04 and titled, ‘Approval For The Implementation Of The 2023 Fiscal Policy Measures And Tariff Amendments.’
The FPM introduced additional excise taxes ranging from 20 per cent to 100 per cent on alcoholic beverages, tobacco, wines and spirits.
Nigeria will begin to tax single use plastic while the circular also confirmed that the five per cent telecommunication tax has been approved.
The taxes will take effect June 1, 2023 which is after the end of Buhari’s administration.
The document reads in part, “This is to confirm that His Excellency, Mr. President has approved for the implementation of the 2023 Fiscal Policy Measures made up of Supplementary Protection Measures (SPM) for the implementation of the ECOWAS Common External Tariff (CET) 2022 – 2026 and a revised excise duty rates on Alcoholic beverages, Cigarettes & Tobacco products, as well as introduction of excise duty on Single Use Plastics (SUPs).
Peoplesmind
