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FG REQUESTS 3% IGST FOR GOLD IMPORTATION

FG REQUESTS 3% IGST FOR GOLD IMPORTATION

FG REQUESTS 3% IGST FOR GOLD IMPORTATION

PUAH OMOKHUALE
The Federal government of Nigeria has said that the banks that imports gold and precious metals will start paying a 3 percentage fee to Goods and Services Tax (GST) which can be claimed as input tax credit.
In a bid to clarify issues on GST on gems and jewelry through Frequently Asked Questions (FAQs), the Central Board of Excise and Customs (CBEC) said banks did not pay any VAT on import of precious metals previously. They only settled customs duty.

It has also been said that the Import of gold attracts a 10 per cent basic customs duty, following the fact that a 12.5 per cent countervailing duty (CVD) was levied prior to GST.
However, in the GST, "3 per cent Integrated-GST is payable on all imports of precious metals in addition to the basic customs duty, as the IGST paid can be taken as input tax credit by the banks."
The CBEC also said that banks would be liable to pay IGST on such import duties and not any overseas supplier in which ownership is vested during movement of gold or silver.

 Following the statement of the FAQ, "Ownership is not the material for determining if an import has taken place or not. Banks, as registered entities, would be liable to pay IGST on such imports but not the overseas entities, because they are not affecting the import," she said.
The CBEC also added her statement on the levy of GST where the total value of a gold ornament is Rs 30,000, including Rs 2,000 as making charge. In her words, "GST is payable at the rate of 3 per cent of the total transaction value of jewellery, whether the making charge is shown separately or not".
It was also said that since GST subsumed CVD, hence the GST rate on gold at 3 per cent ought to be paid at the time of imports in the form of IGST with effect from July 1.

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NIGERIA CANCELS WHEAT IMPORTATION

NIGERIA CANCELS WHEAT IMPORTATION

NIGERIA CANCELS WHEAT IMPORTATION

BY:  OMOKHUALE PUAH

The importation bill for wheat has been on the scale of $6billion every year, says the director, Institute for Agricultural Research (IAR) Zaria, Professor Ibrahim Umar-Abuarkar.

He made this statement in Zaria, Kaduna State, saying that Nigeria produced just three percent of the amount of wheat it consumed, but the remaining 97 percent was imported.

Professor Abubarkar also said that since Nigeria has the capacity of producing large quantity of wheat, needed for its consumption and the consumptions of other countries, then the ministry of agriculture could help save cost, by producing for both the country and for the aim of exportation.

In his voice, “we Nigerians have so many produce from wheat and you could imagine if Nigerian farmers go on strike today, how far would the money from oil go? Currently, agriculture produces over 24 percent of the gross Domestic Product in the country, as oil contributes just seven percent”, he said.

 

The director said that there were no dreadful policy to accelerate agricultural developments in Nigeria and so, he begged the federal government to pay proper attention to it and called the press to disseminate the actions of the institute, as regards research findings for the benefit of both the farmers and the country as a whole.

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