Business

Yacht, private jet owners to pay luxury taxes from 2019 – Zainab Ahmed

The minister of finance, Zainab Ahmed, has said that says owners of yachts and private jets will be taxed on these luxury items in 2019.

The Minister, while addressing a press conference in Abuja on Monday, revealed that taxes will be reduced for small and medium, enterprises, while excise duties would be introduced in some areas.

We are exploring the way to increase taxes as well as reduce taxes in some sectors. For Small and Medium Enterprises, what will happen is to reduce taxes. But there are some special taxes that we will be looking at imposing,” she said.

For example, luxury taxes. If you have a private jet, we will be taxing you specially for that. If you have a yacht, we will be charging you for that and also in terms of excise duties, there are also some new areas where excise duties will be introduced.

“We haven’t got all the approvals but one of the major areas might be that of carbonated drinks produced in the country.”

According to Ahmed, the Whistleblower Unit has recovered over N8.5 billion and $465 million among others from the 1,051 investigations conducted from tips received.

“Based on verification outcome by the Presidential Initiative on Continuous Audit (PICA), we have also paid over 2,000 former workers of our defunct national carrier- Nigeria Airways Limited,” she said.

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Categories: Business, News

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