Private Jets, Yacht Owners In Nigeria To Pay Luxury Taxes From 2019 - FG

The minister for finance Zainab Ahmed, said that owners of yachts and private jets will begin paying luxury items from the 2019.

While addressing a press conference on Monday in Abuja, the minister stressed that excise duties would be introduced in some areas while their would be reduction on taxes for small and medium enterprises.

“We are looking for ways to increase taxes as well as reduce taxes in some sectors. There would be a reduction in tax for Small and Medium Enterprises. But there are some special taxes when we are contemplating on imposing,” she said.

“For example, You will be taxed specially luxury if you own a private jet. If you own a yacht, we will also be taxing 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 we need but one of the major areas might be that of carbonated drinks which are produced in the country.”