FEC approves Executive Orders on VAT and Excise Duties alongside five Amendment Bills
In a show of commitment towards reducing the tax burden and improving the ease of doing business for taxpayers, the Federal Executive Council (FEC or the Council) has approved two Executive Orders and five Amendment Bills touching on key provisions in the Nigerian tax and regulatory legislation. This communication was released by the Minister of Finance, Mrs. Kemi Adeosun, after the Council meeting on Wednesday, 6 June 2018.
Nigeria’s new excise regime: Is this the right time?
Barring any last minute reversal, locally manufactured tobacco and alcoholic beverages (“Excisable Products”) will be subject to a new excise regime from 4 June 2018. This new regime is pursuant to Section 13 of the Customs, Excise Tariff Etc. (Consolidation) Act which enables the Nigerian President to impose, vary or remove any import or excise duty.
Senate proposes Bill to repeal and re-enact Customs and Excise Act
The Senate of the Federal Republic of Nigeria is currently considering a Bill to abolish the fifty-eight-year-old Customs & Excise Management Act (CEMA) and five other Customs & Excise Laws. The Bill which is currently at the committee stage of the legislative process, seeks to enact a new Customs and Excise Act to establish the Nigeria Customs Service and restructure the administration and management of customs and excise in Nigeria.
Importation of vehicles into Nigeria through land borders now prohibited
The Federal Government of Nigeria has banned the importation of cars through the land borders from 1 January 2017. This ban, which applies to both new and used vehicles, is aimed at curbing smuggling of vehicles, a vice which not only denies the government of revenue from import-related taxes, but also undermines several economic policies.