No increment in import duties on food items, luxury goods – Nigerian Government

The federal government on Friday said it has not raised import duties on food items and luxury goods.

For More:Visit US at Uju Ayalogu's Blog

A statement released by the Director of Information, Federal Ministry of Finance, Salisu Dambatta, stated that the 2016 Fiscal Policy Measures, FPM, did not involve any upward review of tariff on certain food items and luxury goods.

Mr. Dambatta explained that tariffs for the items remained at their 2015 levels, while duties for some other items were actually reduced.

According to the statement, a comparison of the 2015 Fiscal Policy Measures and the 2016 Fiscal Policy Measures would affirm the reduction.

“On the contrary, tariffs for those items remained at their 2015 levels, while duties for some other items were actually reduced. A comparison of the 2015 Fiscal Policy Measures Circular dated 20th March, 2015 and the 2016 Fiscal Policy Measures dated 29th November, 2016 will affirm this position,” Mr. Dambatta said.

Commenting on the 20 per cent duty on pharmaceutical products in the 2016 Fiscal Policy Measure, the statement said that pharmaceutical products were in the import prohibition list.

Mr. Dambatta explained that the move is in support of local manufacturers of pharmaceutical products, adding that those who import the products under special permission are mandated to pay the required duties.

“This is in support of Government’s intention (to) give further encouragement and desirable protection to local manufacturers of Pharmaceutical products and ensure that those who, despite the prohibition, import such products under special permission, pay the required duties.”

For More:Visit US at Uju Ayalogu's Blog

Subscribe to Our Posts via Email