THE CABLE
The federal government recently unveiled new fiscal policy measures (FPM) outlining the rates of taxes and excise duties for the current year.
The new FPMs, which consist of supplementary protection measures (SPM), revised excise duty rates, and green taxes; were recently approved by President Muhammadu Buhari.
According to a recent circular signed by Zainab Ahmed, minister of finance, budget and national planning, the 2023 FPMs supersede the 2022 FPMs and will be published in the official federal government gazette.
Already, stakeholders are having a grouse with the policy.
For instance, Taiwo Oyedele, Africa tax leader at PricewaterhouseCoopers (PWC), highlighted key issues that should be addressed in the recently introduced fiscal policy measures.
He said “there is no information to suggest that a proper impact assessment was carried out to determine the impact of the new taxes on affected stakeholders across the value chain”.
The tax expert also censured the government for its consistent inconsistency in its policies.
