Falling oil price: Owners of private jets, yachts, mansions to pay more – FG

The federal government has announced new charges on high end products, including private jets, yachts, mansions and champagnes.

This is in response to falling oil price that has become a major concern to countries around the globe.

A breakdown provided by finance minister and coordinating minister of the economy, Ngozi Okonjo-Iweala on Wednesday showed that new private jets would henceforth attract a 10 percent import surcharge, and would generate an estimated N3.7 billion yearly.

Luxury yachts will attract 39 percent import surcharge with an estimated annual yield of N1.6 billion, while luxury cars will attract five percent surcharge and a yearly yield of about N2.6 billion.

Okonjo-Iweala said a three percent charge on champagnes, wines and spirits will yield about N2.3 billion.

Also, a mansion in Abuja, worth N300 million and above, will henceforth attract a charge of one percent, referred to as FCT Mansion Tax. The government expects to generate about N360 million from this.

The government expects to raise up N10.56 billion from the surcharges.

#Iweala #Oilprice