Zainab Ahmed, minister of
finance, says owners of yachts and private jets will begin paying luxury items
from 2019.
Addressing a press conference in
Abuja on Monday, the minister said excise duties would be introduced in some
areas while taxes would be reduced for small and medium enterprises.
“We are exploring the way to increase
taxes as well as reduce taxes in some sectors. For Small and Medium
Enterprises, what will happen is to reduce taxes. But there are some special
taxes that we will be looking at imposing,” she said.
“For example, luxury taxes. If
you have a private jet, we will be taxing you specially for that. If you have a
yacht, we will be charging you for that and also in terms of excise duties,
there are also some new areas where excise duties will be introduced.
“We haven’t got all the approvals
but one of the major areas might be that of carbonated drinks produced in the
country.”
According to Ahmed, the
Whistleblower Unit has recovered over N8.5 billion and $465 million among
others from the 1,051 investigations conducted from tips received.
“Based on verification outcome by
the Presidential Initiative on Continuous Audit (PICA), we have also paid over
2,000 former workers of our defunct national carrier- Nigeria Airways Limited,”
she said.
Patience Oniha, director general
of the Debt Management Office; Mary Uduk, acting director general of the
Securities and Exchange Commission (SEC), Babatunde Fowler, executive chairman
of the Federal Inland Revenue Service (FIRS) were also present at the briefing
to give an account of the activities of their agencies.
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