NIGERIA TO EARN N600BN FROM TOBACCO, ALCOHOL TAX HIKE – WORLD BANK

0

According to the world bank, raising excise charges on cigarettes and alcohol, as proposed in the national development update report, may raise N600 billion yearly.

Rajul Awasthi, a senior tax specialist at the bank, stated this at a virtual debate on domestic revenue mobilization claimed that Nigeria has one of the lowest tobacco and alcohol excise duty rates in Africa, and the tax rate on cigarettes is lower than the norm set by the economic community of West African states. He asked the federal government to either adopt the ECOWAS-recommended excise norms for cigarettes and alcohol or Kenya to increase tax collection

LEAVE A REPLY

Please enter your comment!
Please enter your name here