There has been uproar in the country due to the adjusted import duty by the federal government of Nigeria, which came into full force yesterday. The policy heading reads:
APPROVAL FOR THE IMPLEMENTATION OF THE FISCAL POLICY MEASURES FOR 2016
This is to confirm that His Excellency Mr. President has approved the 2016 Fiscal Policy Measures made up of the Supplementary Protection Measures (SPM) for implementation together with the ECOWAS CET 2015 – 2019 with effect from 17th October, 2016. Consequently, all transactions prior to the effective date of this circular shall be subjected to the tariff rates applicable before the coming into effect of this 2016 Fiscal Policy Measures.
2. The approved SPM in line with the provision of the ECOWAS CET comprise the following:
- i. An Import Adjustment Tax (IAT) list with additional taxes on 173 tariff lines of the extant ECOWAS CET;
- ii. A National list consisting of items with reduced import duty rates to promote and encourage development in critical sectors of the economy;
- iii. An import Prohibition list (Trade), applicable only to certain goods originating from non ECOWAS Member States.
4. This Fiscal Policy Measures supersedes the 2015 Fiscal Policy Measures.
5. You are therefore requested to ensure strict compliance, please.
Honourable Minister of Finance
As pharmacists, we are more interested in Pharmaceuticals. In the said circular, which was signed by the minister of finance, Kemi Adesun, the adjustment is as follows :
- All anti-malarial drug duty went to 20% from zero % previously
- Undenatured ethyl alcohol of an alcoholic strenght by volume of less than 80% vol: For medical, pharmaceutical or scientific purposes went from 10% to 5%
- Enzymes; prepared enzymes, from 10% to 0%
IMPORTATION OF THE FOLLOWING HAS BEEN PROHIBITED
Medicament such as:
a) Paracetamol tablets Syrups
b) Cotrimozazole tablets and Syrups
c) Metronidazole tablets and Syrups
d) Chloroquine tablets and Syrups
e) Haematinic formulations: (i) Ferrous sulphate and ferrous gluconate tablets (ii) Folic acid tablets (iii) Vitamin B Complex tablets (except modified release formulat
f) Multivitamin tablets, capsules and syrups (except special formulations)
g) Aspirin tablets (except modified release formulations and soluble aspirin)
h) Magnesium trisilicate tablets and suspensions i) Piperazine tablets and syrups
j) Levamisole tablets and syrups
k) Ointments penicillin/gentamycin
l) Pyrantel pamoate tablets and syrups
m) Intravenous Fluids (Dextrose, Normal Saline etc)
n. waste pharmaceutiques
o. Mosquito repellant coils (mosquito coils)