| |
|
OTHER FISCAL POLICY MEASURES
A. PHARMACEUTICAL SUB - SECTOR
- Pharmaceutical Raw Materials imported by Bonafide Pharmaceutical Manufacturers shall attract 2.5% duty rate, and shall be VAT free.
- All finished pharmaceutical products under chapter 30 that are produced locally but have inadequate capacity to meet national demand shall attract 20% duty rate.
- All Pharmaceutical products under chapter 30 that are not produced locally shall attract 5% duty rate in line with the 5% recommended as part of the palliative measures to cushion the effects of prices of petroleum products.
- Pharmaceutical Grade Starch shall attract the following duty rates:
- 5% for Bonafide Pharmaceutical Manufacturers only.
- 50% for others.
- The following pharmaceutical packaging materials shall attracts a maximum of 5% duty rate, for Bonafide Pharmaceutical Manufacturers only, while other importers shall pay extant duty rates.
- Glass bottles H.S. Code 7010.9100 7010.9400.
- Ampoules H.S. Code 7010.1000>
- Aluminum Foil H.S. Code 7607.1100 7607.2000
- PVC/PVDC H.S. Code 3920.4100 3920.4200 and 3921. 1200
- Ropp Caps H.S. Code 3923.5000, 7010.2000 and 8309.1000 9000.
- Collapsible tubes H.S. Code 7612.1000
- In view of governments new policy on malaria treatment, artemisnin, lumefantinine and amodiaquine (actives) shall attract zero (0%) in addition to 0% imposed on anti-retroviral drugs for HIV/AIDS.
B. MANUFACTURE IN-BOND SCHEME (MIBS)
The suspension on the importation of banned items under the MIBS scheme has been lifted. However, the Comptroller of Customs should ensure strict supervision and monitoring to guard against diversion.
C. DUTY INCREASE ON FINISHED ROPES & CABLES
Finished ropes, cables etc of H.S. Code 7312.1000 7312.9000 and twine, cordage, ropes, cables etc of H.S. Code 5607.1000 5607.9000 shall attract a duty rate of 40% to protect local manufacturers.
D. DUTY REDUCTION OF STEEL WIRE ROPES & FIBRE ROPES
The following Raw Materials for the manufacturing of steel wire ropes & fibre ropes imported by bonafide manufacturers only, shall attract 5% duty rate.
- Steel Wire (0.26 4.75mm diameters) H.S. Code 7217.1000 7217.9000 and 7229.1000 7229.9000
- Manila Yarn - H.S. Code 5305.2800
- Nylon Yarn - H.S. Code 5402.1000
- Textile Slings - H.S. Code 5509.0000
- Fittings for Slings
- Shackles - H.S. Code 7315.1900
- Hooks - H.S. Code 7326.1900
- Master Links - H.S. Code 7315.8200
- Steel Sleeves - H.S. Code 7307.2900
- Aluminium Sleeves - H.S. Code 7609.0000
- Thimbles - H.S. Code 7326.1900 and 9000
E. PALLIATIVE MEASURES ON VEHICLES
Fully Built-up Passengers Vehicles (Buses) H.S. Code 8702.1000 8702.9000 shall attract 10% duty rate in 2005.
LIST A
LIST OF NEWLY INTRODUCED BANNED ITEMS THAT ARE
AFFECTED BY THE 90 DAYS GRACE PERIOD
The following under listed items which have been approved and placed under the import prohibition list by the Federal Executive Council (FEC) are hereby given 90 days grace period for clearance out of Customs Control. All the under listed items that arrived into the country, or not cleared out of Customs control after the 90 days grace period are liable to seizure and forfeited to the Government. The 90 days grace period expires on the 30th of June, 2005.
- Birds eggs - H.S. Code 0407.0000
- Maize - H.S. Code 1005.1000
- Cocoa butter, powder and cakes - H.S. Code 1803.1000-1803.2000 1804.000, 1805.0000
- Medicaments of headings - H.S. Code 3003 and 3004
- Disinfectants and Germicides - H.S. Code 3808.4000-9000
- Sanitary wares of plastics - H.S. Code 3922.1100-9000
- Diaries - H.S. Code 4820.1000
- Greeting Cards - H.S. Code 4909.0000
- Calendars - H.S. Code 4910.0000
- Cleansing of Facial Tissues,
Towels and Sanitary articles - H.S. Code 4818.2000-9000 and
5601.1000-5601.3000
- Ladies foot wears and bags
Leather and plastic - H.S. Code 4202.1100-4202.9900,
and 6401.1000-6406-6406.9900
- CKD bicycles, frames, forks
Rims and mudguards - H.S. Code 8712.0000, 8714.9100,
8714.9200
- Electric generating sound
Proof casings - H.S. Code 9406.0000
- Hollow glass bottles of a
Capacity exceeding 150m
(0.15 litres) - H.S. Code 7010.9100-7010.9300
F. INDUSTRIAL MACHINERY AND SPARE PARTS
All Industrial Machinery and Parts thereof [other than domestic of chapters 4, 85 and 90 shall enjoy 2.5% duty rate and shall be VAT free.
G. DUTY ON DONATED ITEMS
All donations from International donor Agencies/Countries e.g. Red Cross, Red Crescent etc. shall, with the approval of the Honourable Minister, attract 0.5% duty rate.
A grace period of 90 days for the newly introduced banned items is allowed to enable all importers who have opened from M and must have entered into irrevocable trade agreement before the release of this ban order, process and clear their goods at the prevailing duty rates. However, any new import transaction entered into within the grace period or goods that arrived or not cleared from Customs control after 30th June, 2005 shall be seized and forfeited to the Federal Government. The grace period expires on 30th June, 2005. The newly introduced banned items are attached herewith.
<< Previous
Next >>
| |
| |
|
