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Federal Government Proposes New Taxes On Soft Drinks

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Federal Government Proposes New Taxes On Soft Drinks

The need for more revenue generation has pushed the federal government to seek more sources of income as the proposal to place excise duty on carbonated drinks as been revealed.

Naija News Understands that the Nigerian Minister of Finance, Mrs. Zainab Ahmed who made this known earlier today said the government is working on how to maximize existing revenue streams while trying to identify new revenue streams.

Speaking further during the annual meetings of the International Monetary Fund and World Bank Group Ahmed stated that the federal government is trying to harness the full potential of revenue mobilization with the hope to move our tax to GDP ratio from the current seven to eight percent of GDP to 15 percent.

Ahmed also expressed hopes that the finance bill will be passed along with the 2020 budget so that the government’s capacity to finance the budget is enhanced.