The Federal Government has approved the Fiscal Policy Measures 2023 (FPM 2023). The FPM 2023, which is dated 20 April 2023 with an effective date of 1 May 2023, replaces the Fiscal Policy Measures 2022 (FPM 2022) and comprises:
- Supplementary Protection Measures (SPM) for the implementation of the ECOWAS Common External Tariff (CET) 2022 to 2026
- Import Prohibition list (Trade), applicable only to certain goods originating from non ECOWAS Member states;
- Changes in excise duty rates on certain items such as tobacco and alcoholic beverages;
- Introduction of Green Taxes on Single Use Plastics and certain categories of vehicles; and
- Reduced import duty rates on certain manufacturing items available to verifiable manufacturers.
There are some concerns around the matters included in FPM 2023. Government needs to consider suspending the FPM 2023 and engage stakeholders to address the various concerns raised, clarify potential ambiguities and prepare detailed regulations to accompany the FPM before implementation.
Read PwC's Tax Alert on the FPM 2023 below. We have also included a link to the FPM 2023, for reference.
Download PwC Tax Alert - Highlights of Nigeria’s 2023 Fiscal Policy Measures
Download 2023 Fiscal Policy Measures
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