The Minister of finance has announced the following new taxes that she hope will help boost the revenue side of the 2015 budget. The taxes are what you can call ‘luxury taxes’ and it will be interesting to see how it materializes.
- A 10% import surcharge would be imposed on new private jets, which is estimated to yield about N3.7 billion in 2015;
- 39%t import surcharge on luxury yachts, which is estimated to potentially raise N1.6 billion in 2015;
- 5 % import surcharge on luxury cars which is estimated to yield about N2.6 billion of additional revenues.”
- There will be a surcharge on Business and First Class Tickets on Airlines.
- There will be no surcharge on economy tickets.
- There is also an imposition of 3 per cent luxury surcharge on champagnes, wines and spirits to generate about N2.3 billion in 2015;
- 1 per cent FCT Mansion Tax on residential properties with value of N300 million and above which should yield additional N360 million.
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So, if I’m getting this straight, we intend taking these measure in order to improve govt revenue by approx N10bn. What is the size of our budget? What kind of impact will 10bn make on its line items?