Tax On Carbonated Drinks Will Increase In 2022, Says Finance Minister
It will be included in the 2021 Finance Act, which will take effect in January 2022.
By Omotayo Olutekunbi
Zainab Ahmed, the Minister of Finance, Budget, and National Planning, has hinted at a possible rise in the Taxation on carbonated beverages, which would result in a price hike.
She stated this during the Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill on Friday in Abuja, saying that it will be included in the 2021 Finance Act, which will take effect in January 2022.
She said, “To further enhance independent revenue generation, government aims to optimise the operational efficiencies and revenue generation focus of the government-owned enterprises.
“The introduction of new and further increases in existing pro-health taxes for example exercise duties on carbonated drinks- this is work in progress but it will happen in the 2021 Finance Act.”
At a World Bank/International Monetary Fund conference in Washington, DC, in 2019, Ahmed stated that the administration was adamant about executing the program.
Government-owned companies that fail to reach the stated objective in achieving the government’s income generating push would face fines, according to Ahmed.
She said, “Government’s revenue performance and remittances will become enhanced through effective implementation of the performance Management Framework including possible sanctions should there be default on targets that are set for government-owned enterprises.
“The Finance Bill 2021 will contain measures that will further advance the implementation of the Strategic Revenue Growth Initiative (SRGI).”
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