Connect with us

Nigeria In One Minute

Beverages manufacturers may hike prices to cushion new excise duty, competition

Published

on

Manufacturers of alcoholic beverages and carbonated drinks may have a tough time trying to manage their revenue margin, following plans by the Federal Government to review excise duty on such drinks, while struggling with growing competition and weak consumer demand.

Having raised excise duty for alcoholic beverages and tobacco to reduce health hazards, the federal government announced last month that it was working on modalities to increase Value Added Tax on some carbonated drinks and beverages like Coke, Pepsi, and energy drinks may be affected.

Minister of Finance, Zainab Ahmed, stated this at the inauguration of the Strategic Revenue Growth Initiative.

Ahmed said the federal executive council will take a request to the National Assembly for an amendment of the VAT law.

The Guardian, Wednesday 13, March.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now