Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,140,497 members, 7,770,236 topics. Date: Tuesday, 19 March 2024 at 07:57 AM

FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives (29957 Views)

Budget: FG Raises Non-oil GDP Projection To N104tn / FG Slashes Import Duties On 115 Items / Government Raises Import Duties On Consumable, Luxury Goods (2) (3) (4)

(1) (2) (3) (4) (5) (6) (7) (Reply) (Go Down)

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Toketimt: 7:38am On Jan 03, 2017
AdeniyiA:

Few and far between were ongoing projects that eventually got to their intended destinations.
What price relieve do you intend getting from industries that run on generators for 24hrs¿?? shocked Nigeria is theatrical countryundecided

U are getting it upside-down. U are talking about infrastructural deficiencies which I agree with u. However I also stated that unlike before far more funds are currently going into infrastructural development. For two straight years, capital expenditure Av jumped up and that is a fact. These things take time. We cant wait to solve all our infrastructural problems before moving to the next thing. This is the jet age.
Did u read the part of the article where govt reduced the tariff to be paid for essential industrial accessories? Is that not an incentive for industries?
Like any policy, there will always be disadvantages no doubt but on this one, the advantages outweighs the disadvantages.

2 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Eastactivist: 7:40am On Jan 03, 2017
malele:





Am not sure u people read the post well.
Let me ask these few questions.

DO u have light for production in nigeria?
Do u have storage systems in nigeria?
How do people get forex for production of SUVS and other antibiotics mentioned?
What prevents the government from puting a timeline to stop these imports?
Hope u people know tarrif for tokunbo cars increased too, how many people Have money to buy new cars?
Hope u people know minimum wage is 18k?

It unfortunate that goat of of president started 2017 like this.

Baba, do you mind those people, they are bigots of Yoruba stock trying to save face for the most clueless cashier we call finance minister in person of kemi.
They know nether, I thought the recession should have reset their brains by now, but they have proven me wrong. They are irredeemable zombies.

1 Like 1 Share

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Danpotter(m): 7:41am On Jan 03, 2017
Most people commenting are clowns, nigeria most produce but u will never make an attempt , and moreover this will encourage massive inflation of prices by farmers. We are already in famine but our ruthless leaders are enthusiased to make it harder, My GOD has any fund been given for massive agricultural production, rice plantations in ebonyi has been bored down for years due to lack of mechanised equipments and no hope for that
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Toketimt: 7:42am On Jan 03, 2017
nextstep:


So you're telling me that after struggling to gather 6 million to buy and clear car, I should have no problem coming up with another 2 million just because Mrs Adeosun and her boss want to "stimulate local production.


Yet will they turn around and generate more power and fix roads?

In addition, now I need yet more naira to satisfy a dollar import. Really smart these ppl in government.

The single thing govt should concentrate on is refinery capacity. Fix them and dollar pressure will ease. All this punitive taxes is not going to help. 1984 beckons: inflation will skyrocket in 2017 and there will be business shutdowns.

Yes, am simply telling u to work more and cough out additional funds to clear ur LUXURY GOOD. U are are above majority of Nigerians who are poor and the last thing on their mind is to buy a car. U are among the privilege.

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Toketimt: 7:44am On Jan 03, 2017
passyhansome:



You mean those Chalk, sub-standard drugs you produce in Nigeria, I bet you those supporting this policy don't know what they are in for, at this time when nothing seems working, I don't think Nigerians needs an additional hardship, No Light, No good road, Economy is fuckkked.

So u think sub standard drugs are never imported into the country? Can u swear that u Av never seen a super standard drug produced by our pharmaceutical companies? Please......

5 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by loswhite(m): 7:45am On Jan 03, 2017
Corrinthians:
Great initiative to boost local production and tax the rich more.
are you the poor? Do rich ppl buy Tokunbo cars? smh? To boost local production you need enabling environment please do we have that? Do we have power? Do we have road infrastructure? The local producers price will also go up because of demand and supply curve ,ultimately their price will still compete with imported goods. This is not for the masses this for the government to generate more revenue make no mistake about that

1 Like 1 Share

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by bookface: 7:45am On Jan 03, 2017
Hiking duties to stimulate local production is just nonsense.

What local production of anti-malaria drugs or anti-bacterial drugs will meet the needs of 180 million people?

Taxing consumption at a time of rising prices is simply idiotic. It will bring more hardship on the people. Our existing industries simply do not have the means to increase capacity at a rate that will meet demand without price increases.

This government is absolutely incompetent and completely clueless. Adeosun should resign.

1 Like 1 Share

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Toketimt: 7:45am On Jan 03, 2017
delpee:


Someone who is importing a 2015 vehicle is far from poor. The idea is to tax the rich to generate more funds for projects that improve the quality of life of the poor and vulnerable.

On point.
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Nobody: 7:46am On Jan 03, 2017
ckmayoca:
Good step. I hope they regulate the local price also because our people will increase the price if the demand is higher than the supply locally produced items.
There is no way our local producers will not increase price to profiteer from the Policy. You can imagine imported rice selling for about N35, 000 while locally produced rice will sell for about N13, 000. Besides, I see a situation where rice importers will sabotage the production of local rice. It happens in petroleum, electricity and cement.

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Kingbuhari(m): 7:46am On Jan 03, 2017
hopeless and useless idea from clueless government... competitive market is the best in any economy... for instance Nigeria government monopolize cement and other commodities for Dangote while outside Nigeria those things are more cheaper , if we can get it more cheaper elsewhere why not encourage it, you will be forcing me to buy it at ur own fixed price.... Nigeria is a scam buhari is a FOOL

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by nigeriancuban: 7:51am On Jan 03, 2017
Imposing high tax on foreign products is not the issue but how do you substitute them with our local ones. First of all there is not even a single power supply,there are no raw materials, no proper storage system, believe it or not,the same local products will be as expensive as the same one we are trying to prevent and this time , wig less value...,.
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Lordxeer(m): 7:53am On Jan 03, 2017
brainstorming
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Omooba77: 7:53am On Jan 03, 2017
malele:
The Federal Government has raised duties on luxury goods such as yachts and sport utility vehicles (SUVs) imported into the country.

The increase contained in a circular by the Minister of Finance, Mrs. Kemi Adeosun to the Nigeria Customs Service.


Also affected are some food items that have local alternatives such as rice, salt and sugarcane, alcoholic spirit, beverages.

Import duty for sugar cane and salt will go from 10 per cent to 70 per cent; alcoholic spirit, beverages and tobacco from 20 per cent to 60 per cent; and rice from 10 per cent to 60 per cent.
Also included on the list are packaged cement, from 10 per cent to 50 per cent; cotton/ fabrics materials, from 35 per cent to 45 per cent; and used cars popular known as Tokunbo, from 10 per cent to 35 per cent respectively.
Medicaments such as anti-malarials and antibiotics; crude palm oil; wheat flour; tomatoes paste; and cassava products are also affected in the upward review of duties. But essential industrial sector accessories, including bolt, industrial oil and other equipment are to enjoy a downward review to spur local industrialisation.
According to the Finance Minister, President Buhari has already approved the new tariff regime.The circular reads in part:

"This is to confirm that Mr. President has approved the 2016 fiscal policy measures made up of the Supplementary Protection Measures (SPM) for implementation together with the ECOWAS CET 2015 – 2019 with effect from 17th October, 2016."Consequently, all transactions prior to the effective date of this circular shall be subjected to the tariff rates applicable before the coming into effect of this 2016 fiscal policy measures."
It added that the approved SPM was in line with the provision of the ECOWAS CET comprising the following:
“An Import Adjustment Tax (IAT) list with additional taxes on 173 tariff lines of the extant ECOWAS CET; national list consisting of items with reduced import duty rates to promote and encourage development in critical sectors of the economy; an import prohibition list (Trade), applicable only to certain goods originating from non-ECOWAS member states."
Adeosun declared that the current fiscal policy measures superseded those of 2015, and advised the customs and other stakeholders to ensure strict compliance.
Source: The Guardian


http://www.lindaikejisblog.com/2017/01/fg-raises-import-duties-on-luxury-goods.html?m=1

Even cement to build infrastuctures is included too. Hope Dangote and lafarge are able to meet local needs.But how far about much noised Lake Rice.
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Profayo: 7:53am On Jan 03, 2017
Toketimt:


Yes, viable and so many local pharmaceutical companies are in the country. Infact, this should be completely banned left to me.
Please like which ones,or you mean foreign companies with branches in Nigeria orv those pharmaceutical companies that produce substandard drugs?
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by riczy(m): 7:54am On Jan 03, 2017
Na lie,APC and their cantankerous policy!
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by passyhansome(m): 7:55am On Jan 03, 2017
Toketimt:


So u think sub standard drugs are never imported into the country? Can u swear that u Av never seen a super standard drug produced by our pharmaceutical companies? Please......

Bro for real am not cool with that policy, watch out how prices will skyrocket. It's going to affect every sector even taxi, market women, you should know people always waiting to for an opportunity to do this.
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by cococandy(f): 7:56am On Jan 03, 2017
This is not commendable because there are no sustainable local alternatives. Not with the nonexistent power supply plaguing the nation.
He's clueless as to the true situation of things in the country he leads
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Nobody: 7:57am On Jan 03, 2017
Toketimt:


Am sorry to say this but I will just be blunt because it's the plain truth.
If u av the resources to buy or thinking of buying a car even if it's a tokunbo, u are not part of the over 40% of Nigerians who are extremely poor. At least u can afford to eat well before thinking of buying a car.
Govt (fed and state because money collected goes to Federation account) needs more money and one of the best ways to source it is taxing luxury goods. As important a car is, it's still a luxury. U don't expect them to start taxing stuffs like garri and tomatoes. That's the norm worldwide.
Let me let you know something. Number one I live in the U.S. And the truth is that the Nigerian govt keeps taking Nigeria for a ride esp Buhari. And yes I work hard for my money in the U.S. I shouldnt be punished for the govt incompetency. If not that my wife is still in Nigeria, what is my business with this rudderless govt. I used to be one of the people that had great hopes for this administration but the more I see them behave I continue to lose hope.

A car is really not a luxury. The reason why Nigerians feel a car is a luxury is because many Nigerians are very broke and the govt has refused to do what they should. Rather than promote and sponsor capital projects, build roads, develop infrastructure they are busy chasing shadows.
Is it the money I make in the U.S the govt wants to tax? The recently increased tarrif on international calls by 70 percent. Okay fine. Then they increased duty on vehicles okay fine. But one thing they will never get is dollars from people working for it at their useless interbank rate and CBN rate. Whereas if we need dollars from Nigeria, we can get at only black market rate whereas if we want to get it back from the system it will be at bank rate except we sell to aboki.

This govt has turn economics on its head. It's not a crime to make money. Or be rich. If you remove incentive for people that have money to make money or spend money the country will further drive into recession. Tell me one successful socialist country. Whereas capitalist countries are successful. The govt even had the guts to increase duties on goods that they cannot produce even in 30 yrs time. Who does that.
If you do not know, the govt is indirectly taxing every Nigerian for their gross incompetence. The only people that get forex at bank rates and Cbn rates are the connected. Not me. Not you. And not the poor man on the street. So in short the govt is using our collective wealth to satisfy and subsidize private connected business men and politicians (some of whose names have already been mentioned on this thread)
However many Nigerians wouldnt understand this. It's not Chukwudi that works in walmart in U.S and managed to send 2 tokunboh cars to his parents in the village so he can make small profit that should be punished for the govts incompetency. Chukwudi will simply stop sending cars to Nigeria if he cannot make profit.

That is why many companies are pulling out of Nigeria. Nigeria in my opinion is not a serious country. Just imagine 4 forex rates.
Cbn: 305
interbank: 315-415
western union: 375
black market: 490

Even the banks change rates arbitrarily because they are tired of cbns behaviour. Talkless of investors. Only a fool will invest in Nigeria at this moment or keep his money in Naira because only God knows what the rate or policy will be tomorrow. Tomorrow the govt can just wake up and ban your business.

10 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by freekick: 8:00am On Jan 03, 2017
You are making sense.
Toketimt:


Am sorry to say this but I will just be blunt because it's the plain truth.
If u av the resources to buy or thinking of buying a car even if it's a tokunbo, u are not part of the over 40% of Nigerians who are extremely poor. At least u can afford to eat well before thinking of buying a car.
Govt (fed and state because money collected goes to Federation account) needs more money and one of the best ways to source it is taxing luxury goods. As important a car is, it's still a luxury. U don't expect them to start taxing stuffs like garri and tomatoes. That's the norm worldwide.

2 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by greenermodels: 8:03am On Jan 03, 2017
malele:





Am not sure u people read the post well.
Let me ask these few questions.

DO u have light for production in nigeria?
Do u have storage systems in nigeria?
How do people get forex for production of SUVS and other antibiotics mentioned?
What prevents the government from puting a timeline to stop these imports?
Hope u people know tarrif for tokunbo cars increased too, how many people Have money to buy new cars?
Hope u people know minimum wage is 18k?

It unfortunate that goat of of president started 2017 like this.
you took every word out of my mouth, this to me is a knee jerk reaction to make more money for the government. the government have no clear cut policies to spur local production.

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by dotedote: 8:03am On Jan 03, 2017
Locally produced goods are costlier than imported ones?
gratiaeo:
Hardship government. Without addressing issue of power Anything about local production is a mere talk. Have you asked yourself why is it that locally produced goods are costlier than the imported ones, what i see is inflation and nothing more

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by dotedote: 8:07am On Jan 03, 2017
They bark. That's what they know how to do. All they do is bark bark bark (no matter what)


ojinuocheibi:
Buhari is always on course but some section of the country can't see anything good about him

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by pochoo: 8:08am On Jan 03, 2017
Toketimt:


All these are ongoing and u will agree with me that even if we focus on this alone, we will still be on it for at least the next five yrs considering the comatose state they met them. The question is should other excellent initiatives stop till then? Nigerian entrepreneurs are already hailing this move. That is all that matters.

Thank you

2 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by onatisi(m): 8:08am On Jan 03, 2017
It seems someone has fixes the loose screws on buhari. This is a very very good move. Encourage local production by discouraging importation through taxes
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by adioolayi(m): 8:09am On Jan 03, 2017
Increased import duty on antibiotics and antimalaria... hmm.... The indigenous companies do they have molecules that can effectively combat infections? Claiming they have a particular strength of molecule that is not effective even when u double the dosage
I hope NAFDAC will up their game in ensuring quality and not just quantity are being produced by our indigenous pharmaceutical companies... else. PATIENTS suffer, we all suffer
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by HonabFaj(m): 8:10am On Jan 03, 2017
malele:





Am not sure u people read the post well.
Let me ask these few questions.

DO u have light for production in nigeria?
Do u have storage systems in nigeria?
How do people get forex for production of SUVS and other antibiotics mentioned?
What prevents the government from puting a timeline to stop these imports?
Hope u people know tarrif for tokunbo cars increased too, how many people Have money to buy new cars?
Hope u people know minimum wage is 18k?

It unfortunate that goat of of president started 2017 like this.

You don't have to wait for govt for everything, many companies generate their electricity by the use of IPP powered by CNG and they are running well, NB,Dangote,BOA and many more they don't
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by bettercreature(m): 8:11am On Jan 03, 2017
GoggleB:
Nice move..
I love this..

Buhari coming back to his senses gradually.
You guys are ignorant! I have nothing to say all i know is we are in serious trouble

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by curvilicious: 8:12am On Jan 03, 2017
When i read some comments
I feel shamed for 50% d populace of Nigeria do not think constructively
You applaud govt policies without proper evaluation
Imagine d hike without necessary arrangements and deadlines
Now d price of locally manufactured goods will rise like ijebu garri since i didn't read anything like price fixing for local goods
Imagine % increase on drugs too
Who sick go just die

2017 i smell more stress if proper measures are not taken

3 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Nobody: 8:22am On Jan 03, 2017
curvilicious:
When i read some comments
I feel shamed for 50% d populace of Nigeria do not think constructively
You applaud govt policies without proper evaluation
Imagine d hike without necessary arrangements and deadlines
Now d price of locally manufactured goods will rise like ijebu garri since i didn't read anything like price fixing for local goods
Imagine % increase on drugs too
Who sick go just die

2017 i smell more stress if proper measures are not taken

Many Nigerians have gone to school but are not educated. The import duty for a car into u.s (new or used or for personal use is just 2.5%). Whereas in Nigeria they it is how much. Guess? 35% That is after how much clearance and bribe u will pay at the ports.
Then increasing import duty on drugs. Come on. Drugs?!!!!!! This govt is WICKED OOOOO!!!!! Simply means that when u fall sick with no reasonable health insurance programme you will not be able to treat yourself.

4 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by darediamond(m): 8:22am On Jan 03, 2017
When wisdom is calling this administration always fail woefully.

Fix Power Sector and leave the rest to Nigerians both in Educational and Commercial Sector respectively and see if things will not change naturally?

Most locally produced products raw materials are all still imported!! No brain only barrels.

There are footwear manufactures in Nigeria that there products equals the standards of imported shoes but where is the Stable Power for them to produce let alone they making enough money to advertise on TV etc to create awareness so that fellow Nigerians will know that what they are going to Sokoto to buy is already in there Sokoto(do do do).

Give Nigerians Stable Electric Power And Establish straigth-to-point ADVANCE Technical Schools and see how the Country will change Economically within 4 years.

Empowered those who already have the Brains either Naturally or via academical training and Polish them genuinely.

But can a Man like Buhari think deep and wide to this extent at all?

Never I say! Always 1 step forward 10 steps backward is his ways from time being. Hmm, na wa oo!

3 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by idupaul: 8:23am On Jan 03, 2017
malele:





Am not sure u people read the post well.
Let me ask these few questions.

DO u have light for production in nigeria?
Do u have storage systems in nigeria?
How do people get forex for production of SUVS and other antibiotics mentioned?
What prevents the government from puting a timeline to stop these imports?
Hope u people know tarrif for tokunbo cars increased too, how many people Have money to buy new cars?
Hope u people know minimum wage is 18k?

It unfortunate that goat of of president started 2017 like this.

Exactly..there is currently no foundation for production in Nigeria to start to produce these items to meet up , no single antimalarial is already produced in Nigeria except chloroquine and the base is even still imported...what it means is that Nigerians will end up having to pay more for such drugs or just die and yet people are hailing
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by idupaul: 8:25am On Jan 03, 2017
darediamond:
When wisdom is calling this administration always fail woefully.

Fix Power Sector and leave the rest to Nigerians both in Educational and Commercial Sector respectively and see if things will not change naturally?

Most locally produced products raw materials are all still imported!! No brain only barrels.

There are footwear manufactures in Nigeria that there products equals the standards of imported shoes but where is the Stable Power for them to produce let alone they making enough money to advertise on TV etc to create awareness so that fellow Nigerians will know that what they are going to Sokoto to buy is already in there Sokoto(do do do).

Give Nigerians Stable Electric Power And Establish straigth-to-point ADVANCE Technical Schools and see how the Country will change Economically within 4 years.

Empowered those who already have the Brains either Naturally or via academical training and Polish them genuinely.

But can a Man like Buhari think deep and wide to this extent at all?

Never I say! Always 1 step forward 10 steps backward is his ways from time being. Hmm, na wa oo!


I am afraid Buhari has just sounded the death knell for thousands of Nigerians , we currently import all our drug and those even made here are just assembled here ..there is currently no power ,no Research and Development going on and he expects Nigerians to start making antibiotics overnight

1 Like 1 Share

(1) (2) (3) (4) (5) (6) (7) (Reply)

Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index / Banks Have Stopped Giving Dollars. What is Your Experience? / Glory Osei And Muyiwa Folorunsho Accused Fraud By Ex-Employee

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 77
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.