Page 6 - Excise Tariff News Today

Legislature, judiciary now bound by procurement law ― Ahmed Legislature, judiciary now bound by procurement law ― Ahmed Share For the first time since it was enacted in 2007, the Public Procurement Act has been made mandatory for both the legislative and judicial arms of the Federal Government. This fact was made known, on Monday, by Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, while giving a breakdown of aspects of the 2020 Finance Act, which became effective on Ja...

A. OVERVIEW President Muhammadu Buhari signed the Finance Act 2020 into law on December 31, 2020. The new legislation followed hot on the heels of the Finance Act 2019 1 which amended several tax statutes. The Finance Act 2020 was enacted in furtherance of the Federal Governments progressive reform of the business climate in Nigeria, and the need to constantly restructure the tax system to align and conform same with international best practices, and make it respond effectively to the changing ...

10 min read In this interview with Channels TV, Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, speaks on the reviewed Customs and Excise Tariff in the recently passed Finance Bill 2020. She says the import duty reduction from 35 per cent to 10per cent, and zero per cent levies on tractors, transport vehicles and others, 50 per cent reduction of the minimum tax, is to ultimately reduce the rate of food inflation and not to hurt the local automotive i...

Tax fizz: Is fruit juice an aerated drink? January 27, 2021 Tax tangle The legal tussle over taxing fruit-based drinks shows no signs of cooling   -  THE HINDU Tax tangle The legal tussle over taxing fruit-based drinks shows no signs of cooling   -  THE HINDU× This has been a subject of GST litigation. However, beverages with more than 5 per cent fruit content are not ‘aerated’ FMCG fruit-based drink manufacturers fear having to pay highest GST at 40 per cent. The classification of non...

Vanguard News FINANCE ACT 2020: Key changes and implications On   President Muhammed Buhari, on 31 December 2020, signed the Finance Act 2020 (FA20) alongside the 2021 Appropriation Act into law. This reaffirms the Federal Government of Nigeria’s (FGN) commitment to enact fiscal policy annually, alongside the passage of the annual budget into law and aligns with global best practice. The Act, which took effect on January 01, 2021, amended the provisions of 14 tax and fiscal related legisla...

To print this article, all you need is to be registered or login on Mondaq.com. In this article, our focus will be on the significant changes being proposed to other extant tax and fiscal legislations. On Thursday 8 October 2020, His Excellency, President Muhammadu Buhari presented the 2021 Budget Proposal to the Joint session of the National Assembly. While delivering the budget presentation speech, the President also announced that the Finance Bill 2021 would be presen...

Introduction In a bid to ensure that economic and financial challenges faced by the country are promptly managed and addressed through revised and definite economic policies, President Muhammadu Buhari signed the Finance Bill 2020 into law which is now known as the Finance Act 2020 ("The Act") on December 31, 2020 alongside the 2021 Appropriation Bill. This aligns with best practices in different jurisdictions across the world where existing tax legislations and framework are annually reviewed ...

To print this article, all you need is to be registered or login on Mondaq.com. Summary On 31st December, 2020, President Muhammadu Buhari signed the Finance Bill, 2020 (now Finance Act) into law. The Finance Act, 2020 (the Act), which has a commencement date of 1st January 2021, was signed into law alongside the 2021 Appropriation Bill (now Appropriation Act). The Act introduces significant changes to a number of tax and regulatory laws in Nigeria including the introduc...

ON THE GO ABCON: 26 BDC operators arrested over ‘money laundering, terrorism financing’ The Association of Bureau De Change Operators of Nigeria (ABCON) says 26 members have been arrested by security operatives, over alleged unlawful foreign exchange (FX) transactions.Advertisement Aminu Gwadabe, president of... Makinde: For blocking governance loopholes, I’ve received threats over 2023 ambition Seyi Makinde, governor of Oyo, says he has received threats over the forthco...

Share The House of Representatives on Thursday approved the 2020 budget of N453.2 billion for the Niger Delta Development Commission (NDDC) for the period ending March 31, 2021. The approval was sequel to the consideration and adoption of the report of the House Committee on NDDC by the Committee of Supply at plenary, which was presented by NDDC Chairman, Hon. Olubunmi Tunji-Ojo. Out of the N453.200 billion, N27.389 billion is for Personnel Expenditure, N13.937 billion is for Overhead Expenditu...