Excise duty is a form of tax imposed on the production, licensing and sale of goods.
Zainab Ahmed, minister of finance, budget and national planning, said this during the public presentation of the 2022 Appropriation Act on Wednesday in Abuja.
According to her, the new policy introduced is in the Finance Actsigned into law by President Muhammadu Buhari on December 31, 2021.
In 2019, Zainab Ahmed, the minister of finance, had announced that the government may introduce excise duty on carbonated drinks.
He had also put forward the same proposal in 2021 at an interactive session on the 2022-2024 medium-term expenditure framework (MTEF), organised by the house of representatives committee on finance.
Apart from the new ‘Sugar Tax’ in section 17, Ahmed said the 2021 finance Act also raised excise duties and revenues for the health sector.
The minister said the excise duty on soft drinks would discourage excessive consumption of sugar beverages which contributes to diabetes, obesity among others.
“There’s now an excise duty of N10/ per litre imposed on all non-alcoholic and sweetened beverages,” she said.
“And this is to discourage excessive consumption of sugar in beverages which contributes to a number of health conditions including diabetes and obesity.
“But also used to raise excise duties and revenues for health-related and other critical expenditures. This is in line also with the 2022 budget priorities.”
Shareholders associations in Nigeria have expressed support for plans by Nigerian Breweries Plc to raise… Read More
Inspired by my exchange with my dear friend Chidimma, a young lady who highlighted the… Read More
A 12-year-old, boy, Iremide Opeyemi, has drowned in a swimming pool at Grand Bank Link… Read More
As the global community celebrates this year's International Workers' Day, Japan Tobacco International Nigeria (JTI),… Read More
The 31st New York African Film Festival (NYAFF) is set to entertain audiences from May… Read More
A pro-democracy group, Kwara Must Change, has charged the Kwara State government to work towards… Read More
This website uses cookies.