Senate approves increase in beverages, beers import duties

The Senate on Tuesday approved 50 per cent increase in beverages and beers import duties.
The decision of the Senate was sequel to the report of Senate Committee on Finance on the urgent need to review the excise tariff increment in order to save local distillers of beverages from looming extinction.
According to the report, an increment of not  more than 50 per cent should be adopted as it becomes necessary for the Federal Government to increase the tariff in order to boost revenue generation as the rate will provide more leniency to the affected manufacturers and give more hope for the survival of the indigenous companies.
The Senate asked the Federal Government to increase the import duties of foreign alcoholic beverages and tobacco products in order yo give local indigenous companies the edge over their foreign counterpart.
The Senate said: “There is need to increase the import duties of foreign alcoholic beverages and tobacco products in order yo give local indigenous companies edge over as this will provide for a less price differentiation.
“The Federal Government should sensitive and carry along the producers and consumers of the Alcoholic and Tobacco products to understand the need for the increase and its advantage in adding to the economic fortune of the country.”
However, the Senate implored the Federal Government to suspend the implementation of the excise Tariff increment until relevant stakeholders are appropriately consulted and engaged in serious discussion.