FG Considers Fresh Taxes On Petroleum Products, Beverages
1 month ago Dammylink 0
As the Federal Government declared tax reliefs for businesses due to the economic impact of the COVID-19 pandemic, it is considering new taxes to generate revenue to fund the 2021 Appropriation Act.
The Nigeria Customs Service also proposed the return of a N1.50 levy on every litre of petroleum product bought in the country. Non-alcoholic beverages are also to be taxed like alcoholic drinks and tobacco.
Controller-General of the NCS, Col. Hameed Ali (retd.), had on Thursday appeared before the House of Representatives Committee on Customs to defend the service’s 2020 budgetary performance and 2021 proposal.
Ali, who led top officials of the Customs before the committee, made written and oral submissions. The lawmakers also grilled him for about three hours.
The Customs boss told the lawmakers that the service had designed various strategies to improve revenue generation in 2021 based on the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper