Federal Government approves changes to excise duty regime

The Federal Government of Nigeria (“FGN”), has approved changes to the rates and bases for levying excise duties on alcoholic beverages and tobacco. The new regime, communicated via the circular referenced 17642/II/172 and dated 6 March 2018 (“the Circular”), becomes effective from 4 June 2018 and the increase in taxes will be phased on a graduated scale from June 2018 to 2020.