The federal government of Nigeria has approved the implementation of the 2022 Fiscal Policy Measures and Tariffs Amendments (FPM 2022), with an effective date of 1 April 2022.
The FPM 2022 replaces the FPM 2021, and among other changes:
- Introduces Import Adjusted Tax (IAT) on 172 tariff lines, and prohibits certain goods originating from non ECOWAS member states.
- Sets out excise duty rates on non alcoholic beverages and telecommunication services following the recent tax law amendments, and updated excise duties on alcoholic beverages, cigarettes and tobacco products. A grace period till 1 June 2022 was given for the implementation of the new excise duty rates.
Please see a copy of FPM 2022 and our Tax Alert below for more details.
Download PwC Tax Alert - Highlights of Nigeria’s 2022 Fiscal Policy Measures