FG Reviews Excise Duty on Tobacco, Alcoholic Drinks, Products to Cost More

President Muhammadu Buhari has approved an amendment to the excise duty on alcoholic beverages and tobacco with effect from June 4, 2018.

In a statement issued in Abuja Sunday, the Minister of Finance, Kemi Adeosun, said 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.

The minister said the new excise duty regime followed an all-inclusive stakeholder engagement by the Tariff Technical Committee of the Federal Ministry of Finance with key industry stakeholders.

According to her, the upward review of the excise duty rates for alcoholic beverages and tobacco was to achieve a dual benefit of raising the government’s fiscal revenues and reducing the health hazards associated with tobacco-related diseases and alcohol abuse.