Nigeria: Budget for 2013 – detailsOctober 17, 2012
The Budget for 2013 was presented to the Joint Session of the National Assembly by the President on 10 October 2012.
Details of the Budget, which unless otherwise indicated will apply from
1 January 2013, are summarized below.
A five-year tax holiday has been proposed for companies that process sugar cane into sugar.
No tax changes have been announced.
VAT – proposals include:
- To zero-rate import VAT on commercial aircrafts and aircraft spare parts
- To zero-rate import VAT on machinery and equipment used in the solid minerals sector
Excise duties – proposals include:
- To impose a levy of 50% and 60% on imported raw sugar and refined sugar, respectively
- To impose a levy of 100% on imported brown and polished rice
Customs duties – proposals include:
- To reduce import duty on completely knocked down (CKD) components for mass transit buses of at least 40-seater capacity from 5% to 0%
- To exempt imported commercial aircrafts and aircraft spare parts from duty
- To impose a 10% import duty on brown and polished rice
- To exempt machinery and equipment imported for use in the solid minerals sector from duty
- To impose a duty of 10% and 20% on imported raw sugar and refined sugar, respectively
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