₦airaland Forum

Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,098,890 members, 4,539,651 topics. Date: Tuesday, 23 October 2018 at 02:54 AM

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

Nairaland Forum / Nairaland / General / Business / FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives (25568 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)

FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by malele(m): 6:33am On Jan 03, 2017
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

4 Likes 4 Shares

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by GoggleB(m): 6:35am On Jan 03, 2017
Nice move..
I love this..

Buhari coming back to his senses gradually.

14 Likes 1 Share

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Horlufemi(m): 6:37am On Jan 03, 2017
This is what they should have done instead of banning forex for some items. I'm sure Nigeria will survive.

Sometimes trying too hard can make you fail.

15 Likes 1 Share

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by mercichoco(f): 6:38am On Jan 03, 2017
Supported, Its better than ban. I see no reason why we import those local goods while we can produce them. Everybody should sit up this year and work, work and work.

34 Likes 2 Shares

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by ckmayoca: 6:40am On Jan 03, 2017
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.

47 Likes 2 Shares

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by AdeniyiA(m): 6:45am On Jan 03, 2017
As laudable as these measures are,the pertinent questions remain that,how ready and encouraged are the local industries to fill in the gaps being created?
Are the necessary infrastructures like roads, power, available and functioning effectively?

What I have noticed about our government is that they're very wasteful, love misplacing priorities and building something on nothing,hence it eventually collapse

84 Likes 5 Shares

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by wristbangle(m): 6:47am On Jan 03, 2017
Nice move and this should not affect the price of local goods because people will quickly to inflate price of commodities when they hear this kind of news even if supply surpasses demand.

12 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by malele(m): 6:54am On Jan 03, 2017
GoggleB:
Nice move..
I love this..

Buhari coming back to his senses gradually.

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.
mercichoco

post=52481918:

Supported, Its better than ban. I see no reason why we import those local goods while we can produce them. Everybody should sit up this year and work, work and work.

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.

97 Likes 6 Shares

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by psucc(m): 6:56am On Jan 03, 2017
Though the move is OK, it's management is another cause for concern.

Without empowering local producers to fill the demand gap, the imported goods would determine the price of the local ones nd guess what will happen . . . . inflation.

5 Likes 2 Shares

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Nobody: 6:59am On Jan 03, 2017
I believe this is just aimed at generating revenue from importation, that's what our federal government is an expert at . . .

18 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by bamidelee: 7:06am On Jan 03, 2017
the local manufacturers also import raw materials and this new increment would affect their prices and Moreso how many local companies are available to meet the need of the citizenery
2017 gonna be brouhaha

14 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Toketimt: 7:09am On Jan 03, 2017
Excellent development.

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by gratiaeo(m): 7:09am On Jan 03, 2017
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

22 Likes 1 Share

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Nobody: 7:10am On Jan 03, 2017
grin grin grin grin

Rich people and their wahala...
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Tukor32: 7:10am On Jan 03, 2017
yes .good
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by EmekaBlue(m): 7:10am On Jan 03, 2017
Price regulation on locals should be adopted if this should work fine

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by buchilino(m): 7:11am On Jan 03, 2017
GoggleB:
Nice move.. I love this..
Buhari coming back to his senses gradually.
LOL, THOUGH AM NOT OPTIMISTIC, LETS PRAY N HOPE D SENSES START WORKING DIS YEAR.
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Corrinthians(m): 7:11am On Jan 03, 2017
Great initiative to boost local production and tax the rich more.
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by passyhansome(m): 7:11am On Jan 03, 2017
This heartless Dude from Daura wan to finish us finally this year, God pass am, May any household that will make Nigerians face another hardship in this 2017 be wiped out, any frivolous policy be eradicated.

17 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by IMASTEX: 7:11am On Jan 03, 2017
"Operation we must produce what we need"

For A-Z of snail farming, calcium supplement, stocking, training, etc. Contact IMASTEX FARMS. See profile for details.

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by 12inches1(m): 7:12am 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.

To import and clear a 2015 car (which costs like 5million) before this was about 2 million. With this increase I guess it will be like 3 million (more than 50% the price) . I think Nigerians should all kuku start riding horses.

The same Kemi Adeosun that said the Govt would reduce import duties on cars to discourage importation thru cotonou. Then went ahead to increase. Hopeless and rudderless administration.

Increase cost of medication yet you go to UK for hear infection. Mr Integrity. You've not told us how much champagne u popped on Zahra's wedding.

48 Likes 4 Shares

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by ojinuocheibi(m): 7:12am On Jan 03, 2017
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 PHIPEX(m): 7:13am On Jan 03, 2017
Good job, this is the first economic policy of this administration that makes sense to me. Increase price of luxury goods with local alternative and reduce the price of raw materials, the market forces will do the rest.

1 Like 1 Share

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Toketimt: 7:14am On Jan 03, 2017
AdeniyiA:
As laudable as these measures are,the pertinent questions remain that,how ready and encouraged are the local industries to fill in the gaps being created?
Are the necessary infrastructures like roads, power, available and functioning effectively?

What I have noticed about our government is that they're very wasteful and love to build something on nothing,hence it eventually collapse

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.

12 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Profayo: 7:14am On Jan 03, 2017
Why increase that of antimalarials and antibiotics? Are there viable local alternatives? And it is the poor people that have malaria and infections the most.

18 Likes 1 Share

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Franchise21(m): 7:14am On Jan 03, 2017
Mtcheew
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by rhektor(m): 7:15am On Jan 03, 2017
Encouraging local production my foot.
Are will local production be successful when there's no proper power supply?
We hardly get electricity for two hours a week so tell me how the local producers are encouraged.
Government of deceit APC

8 Likes 1 Share

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Gabrielwilliams(m): 7:15am On Jan 03, 2017
Hmm.. Which way are we headed in Nigeria? P.s, today is my birthday! How many likes can I get?

12 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by kingreign(m): 7:15am On Jan 03, 2017
Bad moves at this time.

2 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by kabrud: 7:18am On Jan 03, 2017
But why increasing that of SUV na? Is it only rich men that drive them? Average people use them too.

2 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Elfaris(m): 7:18am 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.
Don't know why some people behave more like what they call others.... So Traaagic(In Riskys voice)

2 Likes

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

How You Can Search For Any Registered Company In Nigeria / 10 Beliefs And Financial Decisions That Keep You Broke / How To Sell A Business Idea To A Company

(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: (0) (1) (2) (3) (4) (5) (6) (7) (8) (9)

Nairaland - Copyright © 2005 - 2018 Oluwaseun Osewa. All rights reserved. See How To Advertise. 145
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.