Nigeria: New excise taxes and import tax
New fiscal policy measures for 2023
New fiscal policy measures for 2023
The government introduced the following new taxes in a circular dated 20 April 2023:
- Excise tax rate increases ranging from 20% to 100% on previously approved rates for alcoholic beverages, tobacco, wines and spirits—effective 1 June 2023
- Introduction of 10% excise duty on single use plastics, including plastic containers, films and bags
- Reinstatement of 5% excise duty on telecommunication services, including mobile telephone services, fixed telephone and internet services (both postpaid and prepaid), which was previously introduced under the Finance Act 2020 but was suspended last year
- Introduction of 2% and 4% import adjustment tax on vehicles with two-liter engines and four-liter engines, respectively
Read a May 2023 report [PDF 2.8 MB] prepared by the KPMG member firm in Nigeria
Read a related May 2023 report [PDF 1.5 MB] prepared by the KPMG member firm in Nigeria
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