The decision is believed to have been taken as government’s way to drive Nigerians to eat locally produced rice and discourage the mass importation of rice into the country.
The circular signed by CBN Director, Trade and Exchange, W.D Gotring, said: “Husked brown rice, semi-milled or wholly milled rice, whether or not polished or glazed will attract an import duty rate of 10 per cent plus a levy of 100 per cent”.
It said all commercial aircraft, aircraft spare parts, solid minerals equipment imported into the country, will henceforth, attract zero per cent import duty and Value Added Tax (VAT) rates.
The circular titled: Fiscal Policy Measure 2013 also approved a zero per cent import duty for sugar machinery and spare parts.
Gotring said the policy which took effect on January 1, 2013 stipulates that sugar cane to sugar value chain investors’ will enjoy five-year tax holiday while raw sugar will attract an import duty rate of 10 per cent plus levy of 50 per cent. Refined sugar will however, attract an import duty rate of 20 per cent plus a levy of 60 per cent.
According to the report, husked brown rice, semi-milled or wholly milled rice, whether or not polished or glazed will attract an import duty rate of 10 per cent plus a levy of 100 per cent.
The Federal Government also reduced import duty rate on Completely Knocked Down (CKD) components for Mass Transit Buses of at least 40-seater capacity from five per cent to zero to encourage the production of mass transit vehicles in Nigeria.
Gotring said Polymers of polyethylene and polypropylene will attract an import duty rate of five per cent and a levy to encourage import substitution.
However, amorphous polyethylene Terephthalate (PET) chips which are raw material will attract an import duty rate of zero per cent and zero per cent import VAT, and should be re-classified by the Nigerian Customs Service to differentiate it from PET resin.
Source: The Nation
No comments:
Post a Comment