Political

NIGERIAN DISTILLERS REJECT INCREASE IN EXCISE DUTY FOW LOCALLY PRODUCED WINES, SPIRITS

LAGOS-- The Distillers and Blenders Association of Nigeria (DIBAN) has rejected the new astronomical increase in excise duty imposed on locally produced wines and spirits since Monday, says its Chairman, Chief Patrick Anegbe.

He told the media here Wednesday that the hike posed a threat to the investment of 420 billion Naira (about1.16 billion US dollars) which had been made in the industry in Nigeria.

Anegbe said there had been no prior engagement or consultation whatsoever with local producers of wines and spirits, before the new excise duty was imposed. The association was particularly worried that the job security of more than 25,000 Nigerians plus another 250,000 in small and medium enterprises linked to the industry.

For the record, the new duty approved for implementation by the Honourable Minister of Finance, translates to an increase in duty from the current average of 30 Naira per litre to 150 Naira in the first year and to 200 Naira per litre subsequently.

The new excise duty rates for alcoholic beverages and cigarette s went into effect on Monday, Finance Minister Kemi Adeosun said.

Under the new rates for tobacco, each stick of cigarette will attract one naira specific rate per stick; that is N20 per pack of 20 sticks in 2018. In 2019, tobacco will attract two naira tax per stick or N40 per pack of 20 sticks. By 2020, tobacco tax will even go higher, as it wlll attract N2.90 kobo per stick or N58 per pack of 20 sticks.

The new specific excise duty rate for alcoholic beverages cut across beer and stout, wines and spirits for the three years, 2018 to 2020. Under the new regime, beer and stout will attract 0.30k per centilitre (Cl) in 2018 and 0.35k per Cl each in 2019 and 2020.

Wines will attract N1.25k per Cl in 2018 and N1.50k per Cl each in 2019 and 2020, while N1.50k per Cl was approved for spirits in 2018, N1.75k per Cl in 2019 and N2 per Cl in 2020.

Source: NAM NEWS NETWORK

Political

NIGERIAN DISTILLERS REJECT INCREASE IN EXCISE DUTY FOW LOCALLY PRODUCED WINES, SPIRITS

LAGOS-- The Distillers and Blenders Association of Nigeria (DIBAN) has rejected the new astronomical increase in excise duty imposed on locally produced wines and spirits since Monday, says its Chairman, Chief Patrick Anegbe.

He told the media here Wednesday that the hike posed a threat to the investment of 420 billion Naira (about1.16 billion US dollars) which had been made in the industry in Nigeria.

Anegbe said there had been no prior engagement or consultation whatsoever with local producers of wines and spirits, before the new excise duty was imposed. The association was particularly worried that the job security of more than 25,000 Nigerians plus another 250,000 in small and medium enterprises linked to the industry.

For the record, the new duty approved for implementation by the Honourable Minister of Finance, translates to an increase in duty from the current average of 30 Naira per litre to 150 Naira in the first year and to 200 Naira per litre subsequently.

The new excise duty rates for alcoholic beverages and cigarette s went into effect on Monday, Finance Minister Kemi Adeosun said.

Under the new rates for tobacco, each stick of cigarette will attract one naira specific rate per stick; that is N20 per pack of 20 sticks in 2018. In 2019, tobacco will attract two naira tax per stick or N40 per pack of 20 sticks. By 2020, tobacco tax will even go higher, as it wlll attract N2.90 kobo per stick or N58 per pack of 20 sticks.

The new specific excise duty rate for alcoholic beverages cut across beer and stout, wines and spirits for the three years, 2018 to 2020. Under the new regime, beer and stout will attract 0.30k per centilitre (Cl) in 2018 and 0.35k per Cl each in 2019 and 2020.

Wines will attract N1.25k per Cl in 2018 and N1.50k per Cl each in 2019 and 2020, while N1.50k per Cl was approved for spirits in 2018, N1.75k per Cl in 2019 and N2 per Cl in 2020.

Source: NAM NEWS NETWORK