The Federal Government of Nigeria has approved and ordered the immediate implementation of the 2016 fiscal policy measures (FPM).
Highlights of the 2016 FPM are as follows:
• It contains an import adjustment tax (IAT) list of one hundred and seventy-three (173) items (down by four (4) items from the 2015 version); a national list of ninety-one items, up by seven items compared with the 2015 version; and an import prohibition list of twenty-three items, down by two items from the 2015 version
• The effective date for implementation is 17 October 2016. However, we would not expect a retrospective application for goods already cleared from the Nigerian ports prior to this date
• The overarching objective of the 2016 FPM reveals is to protect the local pharmaceutical industry, stimulate local production across all industries and cushion the effect of the recession on consumers
Details of the 2016 FPM is fully examined HERE.