Sunday, October 20, 2019

Tag "excise duty"

    FG mulls new tax on Coke, Bigi, other soft drinks

FG mulls new tax on Coke, Bigi, other soft drinks

Zainab Ahmed, the minister of finance, says the federal government is considering introducing excise duty on carbonated drinks.The minister made this known while addressing the media, including TheCable, on the sidelines of the ongoing annual meetings of the International Monetary Fund and World Bank Group.Excise duty is a levy placed on the manufacture of locally produced goods.Information on the Nigeria [...]

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    Heineken Nigeria announces plan to raise prices

Heineken Nigeria announces plan to raise prices

Heineken Nigeria says it will raise the price of its products to offset the increased cost of production due to inflation and increased taxes.Kolawole Jamodu, Heineken Nigeria chairman, was quoted to have said the company expects excise duties to increase to by 67% to N35 per litre of product in the second half of 2019.“We need to increase prices to [...]

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    Nigerian Breweries made N19.4bn profit in 2018 — all will go to shareholders

Nigerian Breweries made N19.4bn profit in 2018 — all will go to shareholders

Nigerian Breweries Plc has announced a profit after tax (PAT) of N19.4 billion for the 2018 financial year.The company also made revenue of N324.4 billion during the year under review, according to its audited financial results released to the Nigerian Stock Exchange.In a statement on Monday, Uaboi Agbebaku, the company’s legal director, said after-tax profit recorded in 2018 was [...]

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    Nigerian Breweries records 22% profit decline, blames new excise duty

Nigerian Breweries records 22% profit decline, blames new excise duty

Nigerian Breweries says it recorded a 22 percent decline in profit after tax for the half year ended June 30.This is according to the company’s unaudited result submitted to the Nigerian Stock Exchange (NSE) for the period under review.NAN reports that the company posted a profit after tax of N18 billion compared to N24 billion recorded in the corresponding period [...]

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    Nigerians to pay more for cigarettes, alcohol from Monday

Nigerians to pay more for cigarettes, alcohol from Monday

The recently approved excise duty for alcoholic beverages and tobacco will take effect on Monday, June 4.President Muhammadu Buhari had approved the amendment to the excise duty rates in March.The amendment came after TheCable had reported that Kemi Adeosun, minister of finance, had written to the president seeking approval for the excise review.Adeosun had said the reviews would be from 2018 to [...]

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    EXCLUSIVE: FG to return excise duty on recharge cards, fruit juice

EXCLUSIVE: FG to return excise duty on recharge cards, fruit juice

The federal government will re-introduce excise duty on some goods manufactured in the country and excisable imported goods in line with the directive of ECOWAS council of ministers.In a letter addressed to President Muhammadu Buhari and seen by TheCable, Kemi Adeosun, minister of finance, said spaghetti and noodles would be exempted from the changes.Adeosun said noodles and spaghetti were exempted [...]

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Exchange Rates

October 14, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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