By Modupe Gbadeyanka
The implementation of the 2016 Fiscal Policy Measures which is made up of the Supplementary Protection Measures together with the ECOWAS CET 2015 – 2019 effective from October 17, 2016 has been approved by President Muhammadu Buhari.
This was disclosed in a circular signed by the Minister of Finance, Mrs Kemi Adeosun.
According to Mrs Adeosun, the approved Supplementary Protection Measures in line with the provision of the ECOWAS CET comprises an Import Adjustment Tax list with additional taxes on 173 tariff lines of the extant ECOWAS CET; a National list consisting of 91 items with reduced import duty rates to promote and encourage development in critical sectors of the economy and an import Prohibition trade list of 23 items applicable only to certain goods originating from non-ECOWAS Member States.
She said the 2016 Fiscal Policy Measures supersedes the 2015 Fiscal Policy Measures while all transactions prior to the effective date of this circular shall be subjected to the tariff rates applicable before the coming into effect of the 2016 Fiscal Policy Measures.
Adedapo Adesanya