ECOWAS To Increase Duties On Tobacco To Curb Consumption
ECOWAS is set to increase excise duties on tobacco and other unhealthy products to increase revenue and reduce consumption of such products in the sub-region.
The decision was part of the aims of the meeting of ECOWAS Financial Council of Ministers in Abuja on Friday.
An excise duty is a type of tax charged on goods produced within the country, as opposed to customs duties, charged on goods from outside the country.
The Vice President of ECOWAS Commission, Mr Edward Singhatey, said member states had begun work on draft directive to harmonise excise duties on tobacco products.
Singhatey added that the draft would include legislative and regulatory provisions of member states in tracking and tracing mechanisms related to tobacco products.
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