FG slams fresh levy on imported vehicles, alcoholic beverages

Under the new tax regime, imported vehicles with 2000cc (2 litres) to 3999cc (3.9 litres) engine will pay an additional charge known as Import Adjustment Tax (IAT) levy of two per cent of the value of the vehicle while vehicles with 4000cc (4 litres) and above engines will attract IAT of four per cent of their value.

However, vehicles below 2000cc, mass transit buses, electric vehicles, and locally manufactured vehicles are exempt from the IAT levy.

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