FG Increases Import Tariff On Rice, Wheat, Alcohol

The Federal Government has disclosed that a review of the Import Adjustment Tax (IAT) as part of the implementation of Economic Community of West African States (ECOWAS) Common External Tariff (CET) 2022-2026, thereby raising tariffs on importation of rice, wheat, alcohol among 189 items.

The 2023 revised document, raised tariff on rice packing of more than 5kg or in bulk and in packing of 5kg or less to 60 per cent from 50 per cent. Similarly, importation of wheat or meslin flour now attracts 70 percent tariffs as against 50 in 2022-2026 ECOWAS CET.

The Minister of Finance, Zainab Ahmed, stated this in a document. The document is titled ‘Revised Import Adjustment Tax (IAT) for Implementation of ECOWAS CET (2022-2026), 2023 fiscal policy measures”.

The document reads: “This is to confirm that his excellency Mr. President has approved for the implementation of the 2023 fiscal measures made up Supplementary Protection Measures (SPMs) for the implementation of ECOWAS Common External Tariff 2022-2026 and revised excise duty rate on alcoholic beverages, cigarettes and tobacco products as well as introduction of excise duty on Single Use Plastics (SUPs)”, she said.

Ahmed had last year issued a circular communicating that President Buhari has approved the implementation of the 2022 Fiscal Policy Measures which comprise Supplementary Protection Measures (SPM) for the enforcement of the Economic Community of West Africa States Common External Tariff (ECOWAS CET) 2022 – 2026, and excise duties on goods such as non-alcoholic beverages, alcoholic beverages, cigarettes and tobacco products, and telecommunication services with effect from 1 April 2022 .