Beer, wine, imported vehicles, others to cost more as FG introduces new taxes

The FG has introduced new set of taxes on beer, imported vehicles & single use plastics. It has also added to the list of items banned from being imported into the country.

Under the newly introduced taxes, the FG will charge N75 per litre of beer or stout imported into Nigeria.

According to the Minister of Finance, Zainab Ahmed, N75 per litre will be charged on “beer & stout including all alcoholic beverages & beer not made from malt-wether fermented or not in 2023

This new excise duty on beer & stout will be increased to N100 per litre in 2024. Before the new rates, the government taxed imported alcoholic beverages using valorem rates- levying of tax or customs duties) proportionate to the estimated value of the goods

The FG has also revised the import prohibition list with the inclusion of used motor vehicles above 12 years from the Year of manufacture; Paracetamol, Cotrimozazole, Metronidazole, Chloroquine tablets & Syrups