Tag Archives: Spirits

New excise duty rates not targeted at local manufacturers, says Finance Ministry

The Federal Ministry of Finance came out on Sunday to defend its newly enacted excise duty rates on alcohol and tobacco, saying that they are not targeted at local manufacturers.

In a statement released by the ministry’s Director of Information, Hassan Dodo, it said that contrary to claims in some quarters, the new excise duty rates, which came into effect from June 4, 2018, were not targeted at local manufacturers.

Alcohol manufacturers mull price increase as new excise tax takes effect

Alcohol manufacturers in the country are set to raise prices on their goods following the increase in excise duty by the Federal Government on the product which came into effect on Monday June 4, 2018.

According to a report on Friday by the Punch Newspaper, manufacturers said their price increase will take effect immediately and in tandem with the new excise duty regime ushered in by the government.

Distillers, MAN urge FG to reconsider new duty on alcohol, tobacco

The Distillers and Blenders Association of Nigeria (DIBAN) has appealed to the Federal government to suspend the implementation of the new excise duty increase on alcohol and tobacco, warning that its imposition could affect the industry’s fortunes and lead to massive job losses.

The association was speaking on Wednesday at a joint news conference held with the Manufacturers Association of Nigeria (MAN) at their Lagos office to protest the new excise duty increase on wines and spirits. The group vowed to resist what they described as “astronomical hike in the excise duty”, lamenting that it will endanger over 250,000 jobs and put at risk investments worth over ₦420bn.

Group takes FG to court over new excise duty rates increase on alcohol, tobacco

A Non-Governmental Organisation (NGO), the Business Renaissance Group (BRG) has dragged the Federal Government to court to prevent it from implementing the new excise duty rate increase on alcohol and tobacco which went into effect earlier on Monday.

The suit was brought to court by Christian Hon, from the Law firm of J-K Gadzama (SAN), on behalf of the group.

BRG had in in May staged a protest at the National Assembly, calling the new excise duty rate increase, ‘Killer Taxes on alcohol and beverages’.

New Excise Duty rates for alcohol, tobacco comes into effect

The Federal Government’s new excise duty rate on alcohol and tobacco came into effect on Monday, June 4, 2018.

Speaking in Abuja on Sunday, the Minister of Finance, Mrs Kemi Adeosun explained that the new excise duty rates which was first announced in March was spread over a three-year period from 2018 to 2020 in order to moderate the impact on prices of the products.

The minister further said that the 90-day grace period given by the president to all manufacturers before the commencement of the new excise duty regime ended on Sunday.

NGO group seeking reversal of pending excise duty rate increase on alcohol, tobacco take protest to NASS

A coalition of Non-Governmental Organization (NGOs) seeking to reverse a proposed excise duty rate increase by the Federal Government due to take effect on June 4, 2018 have called on the National Assembly to urgently intervene on the matter.

Business Renaissance Group (BRG) and Sustained Development Collective (SDC), two of the groups leading the protest at the National Assembly said that the excise duty rate increase would cripple the sector if not reviewed and reversed.

AFBTE, NUFBTE call on FG to rescind new excise duty rate increase on alcohol, tobacco set for June

Stakeholders in the food, beverage and tobacco sub-sector have called on the Federal Government to suspend its proposed increase on excise duty rates on alcoholic beverages and tobacco products which is set to go into effect on June 4, 2018.

The group said that it was with deep regret that the government was making plans to raise the excise duty rates at a time industry producers were experiencing declining volumes and contracting margins, noting that the effect of absorbing the cost of the new excise duty regime would be over-whelming on industry players.

Senate seeks suspension of proposed excise duty rate increase on locally produced alcoholic beverages

The Senate, on Tuesday called on the Federal Government to suspend the planned excise duty increase on locally produced alcoholic beverages set to go into effect on June 4th. The Upper Chamber of the National Assembly said that the increase which would raise the excise duty rate on alcoholic beverages from the current rate of 20% to 67% represents a 300% increase and should be suspended until there is a better understanding of the new policy by all stakeholders in the interest of the national economy.

Coalition of NGO Business Groups seek FGs reversal of new excise duty on alcohol, tobacco

The Federal Government has been urged to reconsider its decision to raise excise duty on locally produced alcohol and tobacco as the new policy risks threatening the over N420bn in investments so far made in the wine and spirits industry.

The call was made by a coalition of non-governmental organisations (NGOs) made up of the Business Renaissance Group and Sustained Development Collective while speaking with journalists in Abuja.

Diageo’s EABL to start producing spirits locally as demand in Nigeria, Kenya grows

Kenya-based East African Breweries Limited (EABL), a subsidiary of Diageo Plc has announced plans to start producing spirits in its local market as demand for its products surge in Kenya and Nigeria.

The company which is known for its Tusker Lager said it will invest $13.88 million (approx. 1.4bn Kenyan shillings) to fund a 20,000 bottles per hour spirits line, which will double its production capacity at a plant in the outskirts of Nairobi.

The firm said it will start producing Captain Morgan locally to cut costs and make high-end offerings more widely accessible to both domestic consumers and for export.