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The Federal Government has announced plans to increase tax on luxury items like champagne and others.
This was revealed by the Minister of Finance, Kemi Adeosun, after the Federal Executive Council meeting on Wednesday.
In economics, a luxury good is a good for which demand increases more than proportionally as income rises and they are often synonymous with superior goods.
Nigerians still pay 5% VAT, which was introduced by the military government in 1994 and is one of the lowest in the world.
Adeosun said that Nigerian review committee on Tax has suggested increase VAT on some luxury items.
Nigerian Bulletin checked out list of some luxury items in Nigeria that the Federal government mat placed increase upon after the Nigerian Senate approved the proposal.
1. Champagne
2. Beers – Stouts, Gulder, Guinness and others
3. Exotic Cars - Sport Utility Vehicles (SUVs), used cars popular known as Tokunbo
4. Cosmetics, Fragrances,
5. Watches, Jewelry,
6. Luggage, Handbags
7. Designer clothing
8. Large Residences, urban mansions
9. Gadgets - Mobile phones, Tablets, Iphone, Ipad
10. Yachts and other vessels used for pleasure
11. Other luxury brands.
This was revealed by the Minister of Finance, Kemi Adeosun, after the Federal Executive Council meeting on Wednesday.
In economics, a luxury good is a good for which demand increases more than proportionally as income rises and they are often synonymous with superior goods.
Nigerians still pay 5% VAT, which was introduced by the military government in 1994 and is one of the lowest in the world.
Adeosun said that Nigerian review committee on Tax has suggested increase VAT on some luxury items.
Nigerian Bulletin checked out list of some luxury items in Nigeria that the Federal government mat placed increase upon after the Nigerian Senate approved the proposal.
1. Champagne
2. Beers – Stouts, Gulder, Guinness and others
3. Exotic Cars - Sport Utility Vehicles (SUVs), used cars popular known as Tokunbo
4. Cosmetics, Fragrances,
5. Watches, Jewelry,
6. Luggage, Handbags
7. Designer clothing
8. Large Residences, urban mansions
9. Gadgets - Mobile phones, Tablets, Iphone, Ipad
10. Yachts and other vessels used for pleasure
11. Other luxury brands.
