Yacht and private jet owners to pay luxury taxes from 2019- Minister of Finance Zainab Ahmed

Yacht and private jet owners to pay luxury taxes from 2019- Minister of Finance Zainab Ahmed

Minister of Finance, Zainab Ahmed, says beginning from 2019, Nigerians who own private jets and yatchs will start paying luxury taxes. The Minister disclosed this when she spoke at a press conference on Monday December 24th. She added that taxes of Small and Medium Enterprises will be reduced.

“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.

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.” she said