Do you need a website for your business?
Due to the need to promote development in certain sectors of the economy, the federal government has decided to slash import duties on some important items.
The reduction in import duties was approved by the president as part of the fiscal policy measures of the Federal Government for the country. This move is also in line with the provisions of Economic Community of West African States’ Common External Tariff (ECOWAS CET).
Some of the items affected had their import duties reduced from 20 to 10 percent, 10 to 5 percent and some 5 percent to zero.
Check out some of the items with slashed import duties below:
1. Milk and cream for tea
2. Fats of sheep and goat
3. Malt extract
4. Tomatoes prepared or preserved by vinegar
5. Undenatured ethyl alcohol for medical and scientific purposes
6. Petroleum oils and oils obtained from bitumen minerals other than crude
8. Synthetic organic colouring matter
9. Prepared glues and adhesives
10. Grease for treatment of textile materials
11. Activated carbon
12. Picking preparations for metal surfaces
13. Industrial monocarboxylic fatty acids and alkylbenzenes
14. Organic composite solvents and thinners
21. Paper and paper board
23. Synthetic staple fibres
24. Semi-finished products of iron or non-alloy steel
25. Stranded wire ropes completely knocked down or unassembled for the assembly industry
26. Automatic circuit breakers
29. Electrical apparatus for switching or protecting electrical circuits (the FG gave an approval for the reduction of their import duties from 20 per cent to 10 per cent)
30. Machineries and equipment used in agricultural sector
31. Machineries and equipment used in cement making
32. Machineries and equipment for hospitals
33. Machineries and equipment for power, iron and steel
34. Solid minerals