FG approves new ECOWAS common tariff, 2015 fiscal policy measures

The Federal Government has approved the implementation of the Economic Community of West African States (ECOWAS) Common External Tariff (CET) beginning from 2015 to 2019.

Minister of Finance and Coordinating Minister for the Economy Dr. Ngozi Okonjo Iweala who confirmed the approval in a statement in Abuja last weekend said that the new CET is in addition to the implementation of the 2015 fiscal policy measures.

According to the minister, the implementation of the ECOWAS CET 2015-2019 and its Supplementary Protection Measures (SPM) and 2015 Fiscal Policy Measures occurs concurrently and will take effect from 11th April 2015 after the expiration of the 30 days notice required under the provisions of the ECOWAS CET.

“By this development, as from 11th April 2015, all imports arriving into the country shall be subjected to the rates contained in the CET 2015- 2019 and 2015 Fiscal Measures without recourse to the rates applicable before the coming into effect of the ECOWAS CET 2015 – 2019,” she said?.

The approved SPM and Fiscal Policy Measures will comprise an Import Adjustment Tax (IAT) list which involves additional taxes on 177 Tariff Lines of the ECOWAS CET, a National List consisting of items whose Import duty rates have been reviewed to ?encourage more development in strategic sectors of the economy and an Import Prohibition List (Trade), applicable only to certain goods originating from non-ECOWAS Countries.

Customs Public Relations Officer, Wale Adeniyi who confirmed the development said the Comptroller General, Dikko Inde Abdullahi has directed immediate enforcement of the tariff provisions by all Area Controllers.

He urged all stakeholders to ensure compliance with the New ECOWAS Tariff to enhance trade facilitation within and outside the region.

Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.