FG cuts import tariffs on 115 items including milk, tea
The Federal Government said on Wednesday it had approved the reduction of import duties on 115 items in various sectors of the economy as part of its effort to promote development in critical sectors of the economy.
The tariff reductions were approved by President Muhammadu Buhari as part of its fiscal policy measures of the Federal Government for the country.
The Minister of Finance, Mrs. Kemi Adeosun communicated the measures through a circular, which she said was in line with the provisions of the Economic Community of West African States Common External Tariff.
The tariffs which will cover the 2017 to 2019 fiscal periods, consists of three categories made up of an import adjustment Tax list of 173 tariff lines, a national list consisting of 91 items and an import prohibition list.
A review of the import adjustment Tax list which has 173 items shows that the Federal Government has approved the reduction of tariffs on 26 items; three items were reviewed upwards, while 144 items were left unchanged.
On the national list which has 91 products, the government approved a downward review of 89 items to help kick start development in the real sector of the economy. The items on the national list whose import duties were slashed from 10% to 5% include milk and cream, tea and malt extracts, among others.
The circular reinforced the ban on importation of some items including fruit juice in retail packs among other non-beverage items.