Minister of Finance, Dr. Ngozi Okonjo Iweala
As part of measures to ensure a more sustainable revenue profile in the
2015 budget, the federal government yesterday disclosed that all local
and foreign private jet owners in the country shall pay an annual
surcharge of N3,200 per kilogramme based on the weight of each aircraft.
In the same vein, owning a yacht in the country now attracts an Import
Adjustment Tax of 50 per cent, just as champagne, wines and spirits
attract Import Adjustment Tax of 50 per cent.
Furthermore, in terms of international travel surcharge, the federal
government noted that in view of the increasing foreign air travels, all
first and business class foreign air travels tickets shall attract a
flat rate of N15,000 per ticket as foreign travel surcharge, saying:
“Implementation modalities are being worked out and this surcharge.”
The Federal Ministry of Finance explained in a statement that the new
set of measures were to tackle the huge revenue gap created by slump in
crude oil prices as well as the massive decline in production.
It stressed the need to increase non-oil revenues such as surcharges on luxury items.
In addition, it stated that the Federal Inland Revenue Service (FIRS)
had commenced the process of collection and had served assessment to
private jet owners in Nigeria, adding that discussions are on-going with
the private jet owners to ensure a successful implementation of the
initiative.
Commenting on the review of pioneer status incentive, it stated:
“Besides surcharges, the Federal Ministry of Finance in conjunction with
FIRS, as a short-term measure, has conducted a review of the
implementation of pioneer status incentive granted to some oil and gas
companies, which could unlock some additional tax revenues in 2015.
“Consequently, 22 companies, which were granted pioneer status contrary
to the provisions of the Industrial Development Act have been
identified. NIPC, has written to restrict the pioneer status granted to
these 22 companies to three years and FIRS has raised assessments on
four of the companies that are liable to pay.
“Please, note that significant consideration has been given to
prevailing social, political and economic factors in the country among
others in proposing the above charges and levies. Accordingly,
significant stakeholder consultation and communication are ongoing to
ensure a successful implementation of the initiative,”
The federal government described the initiatives as part of key
economic policies and initiatives of the President Goodluck Jonathan
administration in the run-up to May 29 to ensure that it achieves a
reasonable level of progress before the handover.
“It is important to note that beyond raising additional revenues, the
implementation of the proposals will also send a compelling message of
the federal government of Nigeria’s commitment to addressing
socio-economic inequalities in the country,” it added.
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