FG Denies Plans To Increase Tariffs For Food Items, Luxury Goods

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    kemi-adeosun
    Minister of Finance, Mrs. Kemi Adeosun
    2016 Hot Business Ideas

    AGAINST the report by some media (not ReportersAtLarge) that import duties on food items and luxury goods have been increased, the Federal Ministry of Finance, on Friday, clarified that import duties on the items and goods have not been raised.

    The Director (Information), Alh Salisu Na’Inna, said in a statement, “The Federal Ministry of Finance wishes to categorically state that the correct position is that, the 2016 FPM did not involve any upward review of tariff on the affected food items and luxury goods. On the contrary, tariffs for those items remained at their 2015 levels, while duties for some other items were actually reduced. A comparison of the 2015 Fiscal Policy Measures Circular dated 20th March, 2015 and the 2016 Fiscal Policy Measures dated 29th November, 2016 will affirm this position.

    “With regards to the 20 per cent duty on pharmaceutical products in the 2016 Fiscal Policy Measures, it should be noted that pharmaceutical products were already in the import prohibition list.

    “This is in support of Government’s intention to give further encouragement and desirable protection to local manufacturers of Pharmaceutical products and ensure that those who, despite the prohibition, import such products under special permission, pay the required duties.

    “This clarification is aimed at providing the Nigerian media and other stakeholders with the correct information on such sensitive matters and to urge all interested parties to cross-check information with relevant authorities for accuracy. This is especially necessary at these challenging times when the Federal Government is putting extra efforts to encourage our local industries and manufacturers”.

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